By Sindhu Chandrasekaran
Nov 22 (Reuters) - Most Southeast Asian stock markets rose
in line with Asian peers, buoyed by gains in energy shares as
global oil prices surged overnight and in early Asian trade on
Oil extended gains on Tuesday, bolstered by growing
conviction that major oil producing countries would agree next
week to limit output.
OPEC members are due to agree on a world oil freeze pact at
a meeting in Vienna.
The jump in oil prices is an indication of improvement in
the world economy, which has improved sentiment in the regional
markets, said Manny Cruz, an analyst with Manila-based Asiasec
Singapore's FTSE Straits Times Index rose, led by
consumer services and oil and gas. Offshore oil-rig builder
Keppel Corporation gained 1.7 percent.
Thailand stocks were up 0.5 percent, on track for a
third straight session of gains, led by energy stocks. Oil major
PTT Pcl rose 1.2 percent.
Vietnam rose to the highest in more than a week, with
utilities leading the gainers. Oil and gas refiner Petrovietnam
Gas Joint Stock Corporation climbed 2.4 percent.
In next week's OPEC meeting, we might see a happy ending for
the year, at least in terms of the oil market, said Victor
Felix, equity analyst at Manila-based AB Capital Securities.
Philippine stocks however slid 1.5 percent, the
lowest in a week, led by industrials. Ayala Corp fell
"It has to do with the selling pressure from foreign
investors. The market has already fully digested the Q3
corporate earnings and GDP data," Felix said. "So, investors
right now are in more of a wait-and-see mood."
The Philippine economy grew at its fastest pace in more than
three years in July-September.
Malaysia rose 0.2 percent, while Indonesia
In Asia, MSCI's broadest index of Asia-Pacific shares
outside Japan was up 1.3 percent.
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SOUTHEAST ASIAN STOCK MARKETS
Change at 0428 GMT
Market Current Prev close Pct Move
Singapore 2830.97 2816.67 0.51
Bangkok 1485.96 1478.3 0.52
Manila 6879.01 6979.06 -1.43
Jakarta 5158.528 5148.319 0.20
Kuala Lumpur 1630.84 1627.28 0.22
Ho Chi Minh 677.73 674.29 0.51
Change on year
Market Current End 2015 Pct Move
Singapore 2830.97 2882.73 -1.80
Bangkok 1485.96 1288.02 15.37
Manila 6879.01 6952.08 -1.05
Jakarta 5158.528 4593.008 12.31
Kuala Lumpur 1630.84 1692.51 -3.64
Ho Chi Minh 677.73 579.03 17.05
(Reporting by Sindhu Chandrasekaran; Editing by Biju