August 4, 2016 / 5:06 AM / 2 years ago

SE Asia Stocks-Rise as oil prices extend gains; Vietnam outperforms

By Aparajita Saxena
    Aug 4 (Reuters) - Southeast Asian stocks rose on Thursday,
with energy shares leading gains in five of the six markets, as
global crude prices continued their uptrend and investors
counted on the Bank of England to cut interest rates to a record
    Oil prices rose more than 3 percent in the previous session
after a larger-than-expected gasoline draw eased concerns about
global supply glut. 
    Investor sentiment was also upbeat on expectations that the
Bank of England would cut interest rates to a record low of 0.25
percent later in the day. 
    If the BoE cuts its bank rate to the lowest level in its
322-year history, it will join the Bank of Japan and the Reserve
Bank of Australia, which undertook unprecedented stimulus in the
past week.
    "Global central banks are trying to address the possible
impact of global economic slowdown following the Brexit vote.
We're going to see a shift of funds from developed economies
back to emerging markets," said Lexter Azurin, an analyst with
Unicapital Securities in Manila.
    "Investors are buying into the growth story of emerging
markets and that is why our markets are faring well."
    Vietnam shares outperformed other markets in the
region, and were set to snap four sessions of losses with
Petrovietnam Gas Joint Stock Corp, the country's
second-largest listed firm by market value, rising as much as
2.54 percent.
    Singapore shares were marginally higher, led by
telecommunication stocks. Oil-rig companies Keppel Corp Ltd
 and Sembcorp Marine Ltd were among the top
    Singapore is set to report detailed data on gross domestic
product for the second quarter on Aug. 11, the Ministry of Trade
and Industry said on Thursday.
    Indonesian shares rebounded from the previous
session's losses, but investors were cautious ahead of U.S
payrolls data for July on Friday.
    "We expect JCI to rebound following the oil price jump to
$41.17 per barrel. However, we expect limited upside sentiment
as investors are likely to take conservative stance ahead of the
US jobs report on Friday," said Taye Shim, an analyst with
Daewoo Securities in Jakarta.
For Asian Companies click;  
  STOCK MARKETS                                               
  Change at 0418 GMT                                          
  Market              Current       Previous Close   Pct Move
  Singapore           2831.59       2827.58          0.14
  Bangkok             1511.22       1507.47          0.25
  Manila              7931.66       7888.44          0.55
  Jakarta             5381.94       5351.878         0.56
  Kuala Lumpur        1652.8        1648.5           0.26
  Ho Chi Minh         637.66        631.61           0.96
  Change on year                                     
  Market              Current       End 2015         Pct Move
  Singapore           2831.59       2882.73          -1.77
  Bangkok             1511.22       1288.02          17.33
  Manila              7931.66       6952.08          14.09
  Jakarta             5381.94       4593.008         17.18
  Kuala Lumpur        1652.8        1692.51          -2.35
  Ho Chi Minh         637.66        579.03           10.13
 (Reporting by Aparajita Saxena in Bengaluru; Editing by
Subhranshu Sahu)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below