SE Asia Stocks-Rise on higher oil; Vietnam, Singapore lead
By Rushil Dutta May 17 (Reuters) - Most Southeast Asian stocks rose on Tuesday, led by energy stocks as global oil prices climbed for a second day to a near 6-month high, with Vietnam up 1.5 percent to hit its highest since July. Oil traded at around $49 a barrel supported by supply outages in Nigeria, Canada and other producers that are eroding a persistent glut. Vietnam closed at a more than nine-month high, riding on energy stocks. The smallest of the six main Southeast Asian markets has gained 6.3 percent this year as of Monday's close. "Short-term movements are hard to predict and volatility is always there but I expect the market to remain resilient throughout the rest of 2016," said Dang Van Phap, research manager at Viet Capital Securities. PetroVietnam Gas finished 6.3 percent higher, while PetroVietnam Well & Drilling Services Corp was up 6.7 percent. Singapore shares closed at a 2-week high, with oil-rig firm Keppel Corp up 4.5 percent and offshore engineering firm Sembcorp Marine closing nearly 8 percent higher. Malaysia rose about 1 percent ahead of a central bank decision on interest rates on Thursday. SapuraKencana Petroleum was up 1.9 percent. Bank Negara Malaysia will likely hold its overnight policy rate at 3.25 percent on expectations economic growth will improve in the coming quarters, a Reuters poll showed. Indonesia dipped slightly as financials took a hit, with the Jakarta Finance Index closing more than 1 percent lower, dragged down by the country's three largest state-controlled banks. "Given the management guidance, we think the banking sector still poses downside risks, particularly from rising NPL (non-performing loans) and noise on lending rate intervention," Trimegah Securities said in a note. Thai stocks were 0.6 percent higher, led by telecomm services and energy shares. Broader Asian shares rose, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.9 percent, extending its recovery from a two-month low set on Friday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on day Market Current Previous Pct Move Close Singapore 2781.11 2736.06 1.65 Bangkok 1406.57 1397.63 0.64 Manila 7524.84 7511.74 0.17 Jakarta 4729.156 4731.562 -0.05 Kuala Lumpur 1633.39 1621.21 0.75 Ho Chi Minh 624.75 615.78 1.46 Change on year Market Current End 2015 Pct Move Singapore 2781.11 2882.73 -3.53 Bangkok 1406.57 1288.02 9.20 Manila 7524.84 6952.08 8.24 Jakarta 4729.156 4593.008 2.96 Kuala Lumpur 1633.39 1692.51 -3.49 Ho Chi Minh 624.75 579.03 7.90 (Reporting by Rushil Dutta in Bengaluru; Additional reporting by Fransiska Nangoy in Jakarta and My Pham in Hanoi; Editing by Biju Dwarakanath)
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