SE Asia Stocks-Up on oil price rally; Singapore hits near 3-wk high
By Suhail Hassan Bhat Sept 29 (Reuters) - Southeast Asian stock markets rose on Thursday, in line with broader Asian shares, led by energy counters across the region as a rally in global oil prices after OPEC members struck a deal to curtail output aided sentiment. Oil futures extended gains after rising nearly 6 percent on Wednesday, as OPEC members agreed to limit production to a range of 32.5-33.0 million barrels per day (bpd) in talks held on the sidelines of an energy conference in Algeria. The surprise decision to cut output was the cartel's first such agreement since 2008. "It remains to be seen whether such a cut is followed by all members and whether Russia would follow with a cut of its own," Trimegah Securities said in a note "But it would still serve as a positive sentiment, at least for the short-term." How much each country will produce is to be decided at the next formal OPEC meeting in November, when an invitation to join cuts could also be extended to non-OPEC countries such as Russia. Thai shares rose 1 percent, snapping four sessions of losses, to outperform regional peers. Bluechips PTT Pcl and Thai Oil Pcl were among the top movers. Singapore shares hit a three-week high, erasing previous session's losses, with rig builder Keppel Corp climbing 2.1 percent and Sembcorp Industries gaining 2.8 percent. Philippine shares rose 0.9 percent, on track for a second straight session of gains, with oil conglomerate Petron Corp up as much as 6.1 percent, its biggest intraday percentage gain in more than two months. Vietnam climbed for the ninth straight session in thin trade, with energy stocks such as Petrovietnam Gas Joint Stock Corp and PetroVietnam Drilling & Well Service Corp rising 3.71 percent and 6.30 percent, respectively. The country's economy grew at an annual 6.4 percent in the third quarter, the fastest pace since the last quarter of 2015 but below the 6.87 percent pace clocked last year, the government said on Thursday. Indonesian shares was up for a third day, while Malaysia inched up marginally. Malaysia's biggest oil and gas services company SapuraKencana Petroleum rose 4.67 percent. Asian shares took heart from the oil price gains overnight, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.8 percent by mid-morning. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 0307 GMT Market Current Previous Pct Move Close Singapore 2874.38 2858.01 0.57 Bangkok 1494.46 1479.58 1.01 Manila 7654.48 7586.96 0.89 Jakarta 5461.182 5425.337 0.66 Kuala Lumpur 1668.23 1664.96 0.20 Ho Chi Minh 690.25 686.72 0.51 Change this year Market Current End 2015 Pct Move Singapore 2874.38 2882.73 -0.29 Bangkok 1494.46 1288.02 16.03 Manila 7654.48 6952.08 10.10 Jakarta 5461.182 4593.008 18.90 Kuala Lumpur 1668.23 1692.51 -1.43 Ho Chi Minh 690.25 579.03 19.21 (Reporting by Suhail Bhat; Editing by Biju Dwarakanath)
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