April 21, 2016 / 5:11 AM / 2 years ago

SE Asia Stocks-Gain on rising oil price; Thailand leads gains

JAKARTA, April 21 (Reuters) - Southeast Asian stock markets
rose on Thursday, with the Thai index leading gains as an
overnight oil price rally boosted energy stocks.
    Thailand's SET index rose as much as 1.2 percent,
touching its highest since Aug. 7, driven by energy stocks. Oil
firm PTT Exploration and Production PCL jumped as
much as 5.3 percent, heading for its biggest one-day gain in six
    Overnight, oil prices rose 4 percent on a
smaller-than-expected build in U.S. crude inventories and as oil
bulls bet that major crude producers would meet again to try to
curtail output. 
    "In our view, rising oil prices should give Thai energy
shares a lift today, but the room for upside in Thai stocks
however looks limited in the near term due to a lack of strong
buying interest from key investor groups," Phillip Capital in
Bangkok wrote in a note.
    Analysts have warned that stock valuations in Thailand have
become expensive after the recent rally.
    Indonesia's stock index rose 0.5 percent. The mining
sub-index outpaced the main index with a 1.8 percent
gain as coal mining stocks benefited from higher oil prices.
    Meanwhile, the Philippine index gained 0.3 percent,
rebounding from a four-day decline.
For Asian Companies click;  

 Change at 0453 GMT
 Market            Current   Prev close  Pct move
 Singapore          2956.02     2949.95       0.21
 Kuala Lumpur       1714.99     1708.91       0.36
 Bangkok            1428.63     1414.96       0.97
 Jakarta            4901.03     4876.60       0.50
 Manila             7225.13     7201.37       0.33
 Ho Chi Minh            572      568.03       0.70

 (Reporting by Fransiska Nangoy; Editing by Sunil Nair)
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