SE Asia Stocks-Rise on oil rally; Philippines down more than 1 pct

Source : REUTERS
Last Updated: Tue, Nov 22, 2016 10:40 hrs

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 Tuesday. 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 Equities Inc. 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 3.3 percent. "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 gained marginally. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.3 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS 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 Dwarakanath)



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