SE Asia stocks up on cautious Federal Reserve
- 13 Jul 2017 at 17:24
- WRITER: REUTERS
Most Southeast Asian stock markets rose on Thursday after US Federal Reserve chair Janet Yellen indicated a more gradual tightening of monetary policy in her testimony to Congress, strengthening risk appetite.
Yellen noted on Wednesday that while the US economy was healthy enough for the Fed to tighten policy, the federal funds rate would not have to rise all that much further to reach a neutral level that neither encourages nor discourages economic activity.
Singapore shares ended 0.8% higher, backed by financials and industrials. DBS Group and United Overseas Bank rose 2.1% and 1.5%, respectively, while Jardine Matheson Holdings climbed 2%.