By Geo Tharappel
Feb 17 (Reuters) - Singapore stocks rose on strong
economic data, while Thailand gained for a third session
on Friday, with both markets boosted by firmer global oil prices
on likely further output cuts by producer club OPEC aimed at
reducing a supply overhang.
The Organization of the Petroleum Exporting Countries could
extend its oil supply-reduction pact with non-members or even
apply deeper cuts from July if global crude inventories fail to
drop to a targeted level, OPEC sources said.
Singapore's FTSE Straits Times Index rose as much as
0.6 percent, led by gains in financials and industrials. The
index was on track to climb 0.4 percent on the week.
Offshore oil-rig builder Keppel Corporation Ltd
jumped as much as 2.1 percent to its highest since Nov. 2015,
while Singapore Technologies Engineering Ltd surged
7.1 percent to a near 22-month high.
United Overseas Bank Ltd rose as much as 2.1
percent to a more than two-month high.
The city-state's economy grew 12.3 percent in the
fourth-quarter, beating the government's initial estimate of a
9.1 percent expansion. Exports rose 8.6 percent in January from
a year ago.
"The doldrums in the services sector has passed...
accounting for about two-thirds of GDP and employment, this
sector has always been the main driver of the economy... if the
services sector turns, the economy turns along with it," DBS
Group Research said in a note.
Thai shares rose as much as 0.5 percent, but the
index was on track to lose 0.4 percent on the week.
PTT Pcl, Thailand's largest energy firm, gained up
to 0.8 percent.
Philippines fell marginally, with index heavyweight
PLDT Inc down as much as 1.7 percent. The index was
however on track to gain 0.5 percent on the week.
"Investors find that the market valuations aren't compelling
at this stage..they are on the sidelines," said April Lee-Tan,
head of research at Manila-based COL Financial.
Indonesian shares fell as much as 0.6 percent to a
two-week low, on track for their third straight session of
losses, dragged down by consumer discretionary and financial
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SOUTHEAST ASIAN STOCK MARKETS : Change at 0435 GMT
Market Current Prev close Pct Move
Singapore 3109.51 3096.69 0.41
Bangkok 1579.61 1576.05 0.23
Manila 7271.41 7283.25 -0.16
Jakarta 5349.384 5377.998 -0.53
Kuala Lumpur 1710.1 1707.59 0.15
Ho Chi Minh 707.77 709.35 -0.22
Change this year
Market Current End 2016 Pct Move
Singapore 3109.51 2880.76 7.94
Bangkok 1579.61 1542.94 2.38
Manila 7271.41 6840.64 6.30
Jakarta 5349.384 5296.711 0.99
Kuala Lumpur 1710.1 1641.73 4.16
Ho Chi Minh 707.77 664.87 6.45
(Reporting by Geo Tharappel in Bengaluru; Editing by Biju