SE Asia Stocks-Largely up; Singapore hits 1-month high
By Anusha Ravindranath Oct 6 (Reuters) - Most Southeast Asian stock markets rose on Thursday, reflecting gains in Asian peers, as strong economic data from the United States lifted investor sentiment. Data released on Wednesday showed activity in the U.S. services sector rebounded to an 11-month high in September, following similarly upbeat news from factories on Monday when the Institute of Supply Management reported factory activity shrugged off weakness in August. However, rising optimism about the U.S. economy boosted bets that the Federal Reserve would raise rates in December. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent. Singapore shares climbed to their highest in a month, supported by gains in financials, the biggest constituent of the index, and oil and gas stocks. Crude prices rallied overnight to hit their highest since June after the fifth unexpected weekly drawdown in U.S. crude inventories bolstered hopes that major producers will agree to cut output next month. "I think data from the United States overnight and a rise in oil prices boosted investor sentiment," said Ong Kian Lin of RHB Securities Singapore Pte Ltd. "Market conditions definitely look quite peaceful now." Indonesian shares were flat, while Vietnam rose for a third straight session to hit a one-week high. Meanwhile, Philippine shares edged down and were headed for a second session of falls in lacklustre trading. Financial stocks led the losses with Security Bank Corp and Metropolitan Bank and Trust Co among the bottom movers. "I think Philippines is driven by local forces at the moment," said Reuben Mark Angeles of First Metro Securities Brokerage Corp. "We have some noise that is shaking the political stability of the country. But I think the market is a bit quiet now compared to yesterday." The Philippine stock index shed 1 percent on Wednesday after political tensions rose on President Rodrigo Duterte's verbal outburst against the United States. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0353 GMT Market Current previous Pct Move close Singapore 2891.44 2880.69 0.37 Bangkok 1513.99 1509.92 0.27 Manila 7624.87 7639.79 -0.20 Jakarta 5420.48 5420.648 0.00 Kuala Lumpur 1665.53 1662.92 0.16 Ho Chi Minh 690.48 687.04 0.50 Change so far this year Market Current End prev yr Pct Move Singapore 2891.44 2882.73 0.30 Bangkok 1513.99 1288.02 17.54 Manila 7624.87 6952.08 9.68 Jakarta 5420.48 4593.008 18.02 Kuala Lumpur 1665.53 1692.51 -1.59 Ho Chi Minh 690.48 579.03 19.25 (Reporting by Anusha Ravindranath in Bengaluru; Editing by Subhranshu Sahu)
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