SE Asia Stocks-Trade higher on cautious Fed tone, rising oil prices
JAKARTA, April 7 (Reuters) - Southeast Asian stock markets rose on Thursday on higher oil prices and easing concerns about an April U.S. interest rate increase following cautious comments by policy makers in the U.S. Federal Reserve minutes. The Philippine index rose 0.4 percent, led by property developer Robinsons Land Corp with a 2.3 percent gain. "The release of the minutes of the Fed's March FOMC meeting showed that some members of the committee favour an April interest rate hike while most urged caution in the face of financial uncertainty," said Taye Shim, head of research at KDB Daewoo Securities Indonesia. The Fed's caution lifted appetite for Southeast Asian equities. Indonesia's stock index gained 0.4 percent led by energy stocks. Coal miner PT Bayan Resources Tbk gained 5.3 percent, while state gas distributor PT Perusahaan Gas Negara Tbk rose 2 percent. Oil prices extended gains on inventory concerns and dollar weakness, lending support to energy-based stocks. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change 0431 GMT Market Current Prev close Pct move Singapore 2820.7 2811.25 0.34 Kuala Lumpur 1720.58 1717.01 0.21 Bangkok 1375.1 1373.59 0.11 Jakarta 4889.31 4868.23 0.43 Manila 7209.14 7180.55 0.40 Ho Chi Minh 567.83 567.79 0.01 (Reporting by Fransiska Nangoy; Editing by Sunil Nair)
© Thomson Reuters 2016 All rights reserved.