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SE Asia: Stocks mixed after Fed holds rates
[BANGKOK] Stocks in Singapore and Malaysia retreated, while most others in Southeast Asia were little changed on Friday as investors weighed in the risk of the next move by the US Federal Reserve after an anticipated decision to leave interest rates on hold.
Asian shares rose on Friday on relief that the Fed held off on raising rates, but gains were capped by renewed concerns about the health of the global economy, in particular China.
Singapore's Straits Times Index gave up early gains and ended down 0.6 per cent, falling 0.3 per cent on the week.
Malaysia's key index extended its loss on day to 0.7 per cent, trimming a weekly gain to 4.1 per cent, but is still the best performing index in the region. The market had rallied early in the week after the government's stock market stimulus.
Indonesia, the Philippines and Thailand posted net foreign sales of 464 billion rupiah (S$44.89 million), 526 million peso (S$15.78 million) and 236.67 million baht (S$9.26 million), respectively.
Performances on the week were mixed. The Philippines had a weekly gain of 3.2 per cent. Thailand and Indonesia posted modest gains while Vietnam was slightly lower.