SE Asia Stocks-Singapore shares rise on oil price gains, Philippines down
By Aparajita Saxena May 26 (Reuters) - Southeast Asian share markets were mixed on Thursday as Singapore's energy stocks gained after oil prices hit a seven-month high, while Philippine stocks fell on what analysts said was a technical correction. The Philippine index led losses in the region with a 1.3 percent fall, snapping a three-session rising streak and heading towards its worst intraday performance since last Friday. "The decline in the Philippine market is a normal technical move - rising oil prices may be a reason for some people to take some profit, but this is a market correction more than anything else," said Joseph Roxas, an analyst at Manila-based brokerage firm Eagle Equities. Shares of conglomerate J.G. Summit Holdings Inc led the losses among industrial stocks, falling 9.05 percent after the company announced a discounted share sale, triggering some selling pressure. The biggest percentage leader in the region was Singapore's Straits Times index, up marginally for a second day, led by oil and gas shares. Brent oil futures climbed above $50 a barrel for the first time in nearly seven months after U.S. government figures showed a sharper-than-expected drawdown in crude stocks last week. Shares of oil-rig company Keppel Corp rose 2.28 percent while those of offshore-driller Sembcorp Marine were up 1.3 percent. Vietnam shares fell 0.62 percent, snapping two sessions of marginal gains, while Indonesian stocks fell 0.19 percent, surrendering their slight gains from early trading. The Thai index rose marginally, with financial stocks leading the gains, followed by energy shares. Shares in oil and gas company PTT PCL were up 0.33 percent, retaining gains from the previous session. MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat, struggling to extend its rebound from Tuesday's 12-week low. STOCK MARKETS Change at 0502 GMT Market Current previous Pct Move close Singapore 2782.55 2766.66 0.57 Bangkok 1400.48 1397.63 0.20 Manila 7366.58 7463.95 -1.30 Jakarta 4764.654 4772.977 -0.17 Kuala Lumpur 1631.65 1630.96 0.04 Ho Chi Minh 607.12 611.89 -0.78 Change so far this year Market Current End 2015 Pct Move Singapore 2782.55 2882.73 -3.48 Bangkok 1400.48 1288.02 8.73 Manila 7366.58 6952.08 5.96 Jakarta 4764.654 4593.008 3.74 Kuala Lumpur 1631.65 1692.51 -3.60 Ho Chi Minh 607.12 579.03 4.85 For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS (Reporting by Aparajita Saxena; Editing by Anupama Dwivedi)
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