SE Asia Stocks-Gain on rising oil price; Thailand leads gains
JAKARTA, April 21 (Reuters) - Southeast Asian stock markets rose on Thursday, with the Thai index leading gains as an overnight oil price rally boosted energy stocks. Thailand's SET index rose as much as 1.2 percent, touching its highest since Aug. 7, driven by energy stocks. Oil firm PTT Exploration and Production PCL jumped as much as 5.3 percent, heading for its biggest one-day gain in six weeks. Overnight, oil prices rose 4 percent on a smaller-than-expected build in U.S. crude inventories and as oil bulls bet that major crude producers would meet again to try to curtail output. "In our view, rising oil prices should give Thai energy shares a lift today, but the room for upside in Thai stocks however looks limited in the near term due to a lack of strong buying interest from key investor groups," Phillip Capital in Bangkok wrote in a note. Analysts have warned that stock valuations in Thailand have become expensive after the recent rally. Indonesia's stock index rose 0.5 percent. The mining sub-index outpaced the main index with a 1.8 percent gain as coal mining stocks benefited from higher oil prices. Meanwhile, the Philippine index gained 0.3 percent, rebounding from a four-day decline. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0453 GMT Market Current Prev close Pct move Singapore 2956.02 2949.95 0.21 Kuala Lumpur 1714.99 1708.91 0.36 Bangkok 1428.63 1414.96 0.97 Jakarta 4901.03 4876.60 0.50 Manila 7225.13 7201.37 0.33 Ho Chi Minh 572 568.03 0.70 (Reporting by Fransiska Nangoy; Editing by Sunil Nair)
© Thomson Reuters 2017 All rights reserved.