December 1, 2016 / 10:07 AM / 2 years ago

SE Asia Stocks-Rise after OPEC cuts output

By Hanna Paul
    Dec 1 (Reuters) - Southeast Asian stock markets rose on
Thursday on upbeat sentiment after producer club OPEC and Russia
struck a deal to slash oil output, easing worries about a global
supply glut.
    The Organization of the Petroleum Exporting Countries
(OPEC)agreed to its first output limiting deal in eight years
after Saudi Arabia dropped a demand that arch-rival Iran also
slash output. Non-OPEC member Russia also gave consent, making
the deal its first coordinated action with OPEC in 15 years.
    After the OPEC announced the cut of 1.2 million barrels per
day to its output, Brent crude futures shot up as much
as 13 percent. 
    "This is one of those times where investor confidence is
reinforced along with a recovery in fundamentals, thus making it
a technical rebound and a fundamental recovery," said Taye Shim,
an analyst with Daewoo Securities.
    Despite the jump, Brent prices reached only
September-October levels which are less than half their mid-2014
levels, when the global glut started. 
    "Markets will remain jittery as big events like the Italian
constitutional referendum and the ECB meeting are yet to unfold
this year, but for a very short term investor sentiment on risk
assets is likely to improve."
    Indonesian shares closed almost 1 percent higher,
posting their third straight session of gains.
    Mining-related trade services provider Sumber Energi Andalan
Tbk surged 24.6 percent, followed by PT Jakarta Kyoei
Steel Works Tbk, which jumped 21.9 percent. 
    Indonesia's annual inflation rate in November accelerated to
3.58 percent, the highest in seven months. 
    Singapore shares ended 0.8 percent firmer, hitting a
four-month high, and posting their eighth straight session of
gains, the longest winning streak since December 2014.
    Rig builders Keppel Corp climbed 8.1 percent and
Sembcorp Industries soared 7 percent.
    Philippine shares snapped two sessions of declines,
ending 1.2 percent higher after rising as much as 2.4 percent.
    Petroleum refiner Petron Corp gained 5.9 percent
while Metro Pacific Investments Corp rose 3.5 percent. 
For Asian Companies click;  

  Market           Current       Prev close   Pct Move
  Singapore        2928.58       2905.17      0.81
  Bangkok          1512.38       1510.24      0.14
  Manila           6864.87       6781.2       1.23
  Jakarta          5198.755      5148.91      0.97
  Kuala Lumpur     1626.44       1619.12      0.45
  Ho Chi Minh      666.54        665.07       0.22
  Change on year                              
  Market           Current       End 2015     Pct Move
  Singapore        2928.58       2882.73      1.59
  Bangkok          1512.38       1288.02      17.42
  Manila           6864.87       6952.08      -1.25
  Jakarta          5198.755      4593.008     13.19
  Kuala Lumpur     1626.44       1692.51      -3.90
  Ho Chi Minh      666.54        579.03       15.11
 (Reporting by Hanna Paul; Editing by Subhranshu Sahu)
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