By Hanna Paul
Dec 1 Southeast Asian stock markets rose on
Thursday, in line with regional peers, on upbeat investor
sentiment after producer club OPEC and Russia cut a deal to
The Organization of the Petroleum Exporting Countries
(OPEC)agreed on Wednesday its first oil output reduction since
2008 after de-facto leader Saudi Arabia accepted "a big hit" and
dropped a demand that arch-rival Iran also slash output.
The deal also included the group's first coordinated action
with non-OPEC member Russia in 15 years.
Following the announcements, Brent crude futures
shot up over 10 percent. By 0224 GMT, they stood at $51.88 per
"The key point here is that OPEC and non-OPEC members are
working together, to see that the whole system does not fall
apart, reinforcing investor confidence," said Taye Shim, an
analyst from Daewoo Securities.
"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."
Shares in Indonesia, the only East Asian member of
OPEC, jumped as much as 1.2 percent in their biggest percentage
gain in two weeks.
"With President Joko Widodo pushing the infrastructure
initiative, higher commodity prices will increase state revenue,
in turn aiding chances of accelerated infrastructure spending,"
Building material distributor Kokoh Inti Arebama Tbk
and mining-related trade services provider Sumber
Energi Andalan Tbk dominated the gains. Kokoh Inti
Arebama surged 22.6 percent and Sumber Energi Andalan jumped
24.5 percent, hitting their highest in one month.
Singapore shares advanced as much as 0.8 percent to a
four-month high and were headed for an eighth winning session in
what could be their longest streak of gains since December 2014.
Among gainers, rig builder Keppel Corp Ltd jumped
as much as 4.6 percent to its highest in five months.
Thai shares gained as much as 0.9 percent to a two-
month high. The country's November headline consumer prices rose
on an annual basis for an eighth straight month.
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SOUTHEAST ASIAN STOCK MARKETS: Change as of 0424 GMT
Markets Current previous close Pct Move
Singapore 2923.34 2905.17 0.63
Bangkok 1518.06 1510.24 0.52
Manila 6920.33 6781.2 2.05
Jakarta 5197.01 5148.91 0.93
Kuala Lumpur 1627.2 1619.12 0.50
Ho Chi Minh 668.47 665.07 0.51
Change this year
Market Current End 2015 Pct Move
Singapore 2923.34 2882.73 1.41
Bangkok 1518.06 1288.02 17.86
Manila 6920.33 6952.08 -0.46
Jakarta 5197.01 4593.008 13.15
Kuala Lumpur 1627.2 1692.51 -3.86
Ho Chi Minh 668.47 579.03 15.45
(Reporting by Hanna Paul in Bengaluru; Editing by Subhranshu