November 16, 2016 / 6:06 AM / 2 years ago

SE Asia Stocks-Indonesia, Philippines lead gains on overnight oil rally

By Sindhu Chandrasekaran
    Nov 16 (Reuters) - Indonesian shares led the gains across
Southeast Asian stock markets on Wednesday, as an overnight
rally in oil prices aided sentiment, while Philippines stocks
snapped three sessions of losses, amid strong economic growth
    Oil prices jumped 6 percent on Tuesday on renewed
expectations that OPEC will agree later this month to reduce a
global supply glut. 
    Asian markets rose, with MSCI's broadest index of
Asia-Pacific shares outside Japan up 0.6
percent, bouncing back from a four-month low touched earlier
this week. 
    Indonesian stocks rose about 2 percent after three
sessions of losses, led by utilities and energy shares.
    Overnight oil price surge is helping the trade, said Taye
Shim, an analyst with Daewoo Securities in Indonesia in a note,
but added that prolonged selling pressures by foreigners are
likely to continue to weigh on prices. 
    "We believe further clarity from the U.S. political front is
needed to balance out the positive and negative sentiments on
the emerging markets," he said in the note.
    Indonesian oil and gas producer PT Medco Energi
Internasional Tbk, up 5.14 percent, was among the top
gainers in the energy sector.
    Financials also gained, led by PT Bank Rakyat Indonesia
(Persero) Tbk, which rose 4.3 percent.
    Philippine stocks rose 1.5 percent led by financials, with
SM Prime Holdings Inc gaining 3.3 percent. 
    The market was oversold in the past few days and is now
seeing a technical correction, said Charles William Ang of COL
Financial Group Inc. 
    The Philippines' September remittances was at $2.38 billion,
up 6.7 pct year-on-year, a rise that is helping Philippine
markets, said April Lee-Tan at COL Financial Group Inc.
    President Rodrigo Duterte's quick implementation of fiscal
spending may have helped sustain the Philippines' robust
economic growth in the third quarter, improving his chances of
achieving an ambitious growth target. 
    Philippines' July-September economic growth data is due on
    Thai stocks rose half a percent, led by the energy
sector, with oil company PTT PCL gaining 1.5 percent.
    Singapore shares climbed 0.7 percent, with oil and
gas sector outperforming other sectors. Keppel rose
1.3 percent. 
    Malaysia traded marginally lower, hurt by financials. 
For Asian Companies click;  

  STOCK MARKETS                                           
  Change at 0525 GMT                                      
  Market              Current       Previous     Pct Move
  Singapore           2816.12       2797.55      0.66
  Bangkok             1485.22       1476.46      0.59
  Manila              6962.58       6857.15      1.54
  Jakarta             5180.399      5078.501     2.01
  Kuala Lumpur        1628.53       1630.56      -0.12
  Ho Chi Minh         675.09        674.26       0.12
  Change this year                               
  Market              Current       End 2015     Pct Move
  Singapore           2816.12       2882.73      -2.31
  Bangkok             1485.22       1288.02      15.31
  Manila              6962.58       6952.08      0.15
  Jakarta             5180.399      4593.008     12.79
  Kuala Lumpur        1628.53       1692.51      -3.78
  Ho Chi Minh         675.09        579.03       16.59

 (Reporting by Sindhu Chandrasekaran; Editing by Amrutha
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