SE Asia Stocks-Mostly up; Singapore posts biggest gain in 2 months
JAKARTA, April 13 (Reuters) - Most Southeast Asian stock markets rose on Wednesday, led by Singapore which posted its biggest single-day gain in two months, as positive China trade data and firm oil prices helped sentiment. Singapore's Straits Times Index jumped 2.7 percent to its highest since March 23, as shares of oil rig builders rallied following a big jump in oil prices a day before. Shares of offshore rig company Sembcorp Marine Ltd led the rally with a 17 percent surge, their biggest percentage gain in more than seven years. Rival Keppel Corporation Ltd rose as much as 5 percent. "Oil continued to climb up above $40 a barrel while Japanese yen reversed from the strengthening trend," said Taye Shim, an analyst at KDB Daewoo Securities Indonesia. Oil futures were hit by profit-taking on Wednesday on concerns that a producer meeting, planned for Sunday in Doha to discuss an output freeze, will do little to trim oversupply and a strengthening dollar. Sentiment was also boosted by China's trade performance, which blew past expectations in March, providing more evidence of stabilisation in the world's second-largest economy. In Indonesia, the main stock index gained 0.5 percent. Bahana Securities said in a note on Wednesday that the Indonesia Stock Exchange is considering shortening the settlement period to two days from the current three days, citing a local media report. Stocks in Malaysia ended three days of losses to gain 0.5 percent, while Philippine shares also rose 0.5 percent. Bucking the trend, Vietnam stocks were down 0.3 percent. The Thai market is closed for the Songkran Festival. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev close Pct move Singapore 2890.41 2814.65 2.69 Kuala Lumpur 1723.11 1715.00 0.47 Jakarta 4853.01 4829.57 0.49 Manila 7341 7306.56 0.47 Ho Chi Minh 578.02 579.84 -0.31 Change on year Market Current End 2015 Pct move Singapore 2890.41 2882.73 0.27 Kuala Lumpur 1723.11 1692.51 1.81 Bangkok 1385.42 1288.02 7.56 Jakarta 4853.01 4593.01 5.66 Manila 7341 6952.08 5.59 Ho Chi Minh 578.02 579.03 -0.17 (Reporting by Fransiska Nangoy; Editing by Biju Dwarakanath)
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