SE Asia Stocks-Gain on oil price rally; Indonesia up for 3rd session
By Suhail Hassan Bhat Sept 29 (Reuters) - Southeast Asian stock markets advanced on Thursday, tracking Asian shares, with Indonesia posting a third straight session of gains, as a rally in oil prices boosted energy stocks across the region. Oil futures extended gains after rising nearly 6 percent on Wednesday, as OPEC members agreed to limit production to a range of 32.5 million barrels to 33 million barrels per day during talks held on the sidelines of an energy conference. "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." Indonesian shares ended up 0.12 percent, after hitting a near two-month high earlier in the day, with United Tractors Tbk PT and Adaro Energy Tbk PT being among the top performers. Indonesia's central bank is intervening in money markets to provide liquidity after many banking clients withdrew money to pay for tax amnesty fees, the central bank governor Agus Martowardojo said. Vietnam shares hit an eight-and-a-half-year high, recording its longest winning streak of nine sessions since March 2014. Index heavyweight Petrovietnam Gas Joint Stock Corp rose 4.57 percent in heavy trading. Philippine shares led the region, and posted their second straight session of gains, with oil conglomerate Petron Corp climbing 3.9 percent. Singapore shares edged up to post a three-week high. While the benchmark oil and gas index rose nearly 4 percent, Sembcorp Industries Ltd and Keppel Corp Ltd were the top gainers on the index. Malaysian shares climbed 0.28 percent with the country's biggest oil and gas services company SapuraKencana Petroleum pulling up the index, while Thailand snapped four sessions of losses. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.7 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on day Market Current Previous Pct Move Close Singapore 2885.71 2858.01 0.97 Bangkok 1491.43 1479.58 0.80 Manila 7714.86 7586.96 1.69 Jakarta 5431.957 5425.337 0.12 Kuala Lumpur 1669.64 1664.96 0.28 Ho Chi Minh 688.55 686.72 0.27 Change so far this year Market Current End 2015 Pct Move Singapore 2885.71 2882.73 0.10 Bangkok 1491.43 1288.02 15.79 Manila 7714.86 6952.08 10.97 Jakarta 5431.957 4593.008 18.27 Kuala Lumpur 1669.64 1692.51 -1.35 Ho Chi Minh 688.55 579.03 18.91 (Reporting by Suhail Bhat; Editing by Sherry Jacob-Phillips)
© Thomson Reuters 2016 All rights reserved.