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Most Southeast Asian stock markets closed down on Thursday, led by Singapore and Vietnam, as the boost from a US Federal Reserve statement this week scaling back expectations for any interest rate hikes faded. Singapore's Straits Times Index slid 1.1 percent, down 1.45 percent for the quarter. Vietnam dropped 1.5 percent to close at its lowest level since February 29, dragged down by losses in most big caps, led by banks and energy stocks. It ended the quarter 3.1 percent lower.
The Philippines lost 0.5 percent, Thailand's SET slipped 0.2 percent and Malaysia ended steady amid $100.19 million net foreign inflows. US Federal Reserve Chair Janet Yellen on Tuesday emphasised the need to proceed "cautiously" on tightening policy, pushing back on a handful of her colleagues who have suggested another move may be just around the corner.
"Yesterday's Yellen gains were temporary," said Mixo Das, ASEAN equity strategist at Nomura in Singapore. "Market pricing of Fed hikes is already very dovish - not much room for it to move further lower." The Jakarta Composite index gained 0.6 percent, ending the quarter with a 5.5 percent gain. Jakarta saw a net foreign inflow of $30.99 million.

Copyright Reuters, 2016

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