SE Asia Stocks: Malaysia at record high; Fed meeting eyed

July 16, 2012

BANGKOK, July 16 – Southeast Asian stock markets extended gains today with Malaysian shares hitting a record high as fears of an economic hard-landing in China subsided, but trading volumes were low as investors waited for a US Federal Reserve meeting.

Malaysia hit an all-time high of 1,635.96 points with a 0.6 per cent gain, while the Philippines outperformed the region with a 1.6 per cent jump.

Indonesia gained 0.7 per cent to a more-than one-week high with, Thailand edged up 0.3 per cent to its highest since May 8.

Singapore closed 0.1 per cent firmer at 2-1/2-month high.

Regional analysts said investors cautiously bought into equities ahead of Federal Reserve Chairman Ben Bernanke’s semi-annual testimony to the US Congress on the economy set for tomorrow and Wednesday. – Reuters