June 22, 2017 / 6:18 AM / a year ago

SE Asia Stocks-Wary in thin trade; Singapore gains

    By Nicole Pinto
    June 22 (Reuters) - Southeast Asian stock markets trod with
caution in thin trading on Thursday, while broader Asian shares
rose as oil prices recovered from a 10-month low recorded
    Oil prices took heart after data showed U.S. crude and
gasoline stockpiles fell, however investors remained cautious
over whether OPEC-led output cuts would be able to rein in a
three-year glut.
    Iran's oil minister also commented that members of
oil-cartel are considering deeper cuts in production. 
    "Earlier this week (broader) Asian markets shrugged off the
inclusion of MSCI's China A share, but today I think markets are
focusing on oil prices having tumbled more than 2 percent
overnight," said Victor Felix, an equity analyst with
Manila-based AB Capital Securities.
    Singapore shares rose 0.6 percent, leading the gains
in the region, ahead of inflation and industrial output data due
on Friday. 
    Singapore's May core inflation likely increased 1.6 percent
from a year earlier, slowing slightly from April's 1.7 percent, 
a Reuters poll showed.
    Industrial production is expected to rise for the tenth
consecutive month year-on-year due to strong output in
    Oversea-Chinese Banking Corporation gained 1.2
percent and Singapore Telecommunications rose 0.8
    Indonesia shares edged down 0.1 percent with Bank
Rakyat Indonesia falling 1.3 percent. 
    Indonesia on Thursday introduced new rules to allow exports
of nickel ore and bauxite and concentrates of other minerals
under certain conditions, following a 2014 ban on unprocessed
ore exports to spur higher value smelting industries.

    The new rules were passed after the economy faced a hefty
budget deficit and missed its 2016 revenue target by $17.6
     Philippines shares edged down 0.3 percent, ahead of
its central bank policy meeting later in the day, where the
Philippine central bank is expected to leave interest rates
unchanged, according to a Reuters poll.    
    Vientnam shares were flat with a downside bias as
gains in the energy sector were offset by losses in financial
shares. Real estate sector was the second biggest loser. 
    Vietnam National Petroleum Group gained 1.9 percent
while Vingroup JSC lost 1.5 percent. 
    Indonesia financial markets will be shut on Friday and next
week for public holidays.   
  Change on the                                         
  Market           Current       Previous     Pct Move
  Singapore        3222.52       3201.77      0.65
  Bangkok          1581.57       1577.01      0.29
  Manila           7861.79       7886.37      -0.31
  Jakarta          5811.587      5818.552     -0.12
  Kuala Lumpur     1776.74       1775.57      0.07
 Ho Chi Minh       766.88        767.41       -0.07
  Change so far                               
 this year                                    
  Market           Current       End 2016     Pct Move
  Singapore        3222.52       2880.76      11.86
  Bangkok          1581.57       1542.94      2.50
  Manila           7861.79       6840.64      14.9
  Jakarta          5811.587      5296.711     9.72
  Kuala Lumpur     1776.74       1641.73      8.22
 Ho Chi Minh       766.88        664.87       15.3 
 (Reporting by Nicole Pinto; Editing by Vyas Mohan)
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