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SE Asia Stocks-S'pore hits near 2-1/2-yr high as oil prices soar
November 1, 2017 / 10:11 AM / 17 days ago

SE Asia Stocks-S'pore hits near 2-1/2-yr high as oil prices soar

    By Devika Syamnath
    Nov 1 (Reuters) - Singapore and Indonesian stock markets
closed higher on Wednesday as an extended gaining run in global
oil prices lifted energy stocks, while Thailand slipped, dragged
by industrials.
    Singapore shares gained 0.5 percent, marking their
strongest close in nearly two-and-a-half years, as oil prices
soared to their highest since mid-2015 on hopes that major
producers would maintain their output cuts.
    "Brent has touched a two-year high and that's providing an
uplift to oil and gas stocks. You can see oil and gas
heavyweights are up more than 2 percent," said Joel NG, an
analyst at Singapore's KGI Securities.
    Oil-rig builders Sembcorp Industries and Keppel
Corp rose 3 percent and 2.1 percent, respectively,
with Keppel touching its highest since August 2015.
    Indonesia rose 0.5 percent on stronger oil and
foreign fund inflows, with financials and energy stocks leading
the gains.    
    "We expect the market to trend higher on the first trading
day of November, supported by foreign net buying and steady
price uptick of crude oil," analyst Taye Shim of Jakarta-based
Mirae Asset Sekuritas said in a note. 
    Oil and gas explorer Energi Mega Persada rose 3
percent while Indika Energy was up 3.1 percent. 
    Investor sentiment was also boosted by Indonesia's annual
inflation rate easing for a fourth straight month in October,
reaching its lowest level since January, as price increases of
some foods continued to slow.
    Vietnam surged 0.7 percent, helped by industrial and
consumer staple stocks.
    Builder FLC Faros Construction closed at a record
high, gaining 7 percent, and was the biggest boost to the index.
    Meanwhile, Thai shares lost 0.4 percent, dragged by
industrials.
    Siam Cement shed 2 percent after it reported a 16
percent fall in third-quarter net profit on weak cement demand.

    Thailand's annual main consumer price index rose for a
fourth straight month in October, slightly higher than
forecasts, but the rate was still below the central bank's
target, giving it room to keep monetary policy accommodative.

    The Philippine market was closed on Wednesday for a
public holiday.
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
  Change on day                                        
  Market           Current       Previous     Pct Move
                                 close        
  Singapore        3391.61       3374.08      0.52
  Bangkok          1714.55       1721.37      -0.40
  Jakarta          6038.146      6005.784     0.54
  Kuala Lumpur     1743.93       1747.92      -0.23
 Ho Chi Minh       842.71        837.28       0.65
                                              
  Change on year                              
  Market           Current       End 2016     Pct Move
  Singapore        3391.61       2880.76      17.73
  Bangkok          1714.55       1542.94      11.12
  Jakarta          6038.146      5296.711     14.00
  Kuala Lumpur     1743.93       1641.73      6.23
  Ho Chi Minh      842.71        664.87       26.75
 


 (Reporting by Devika Syamnath; Editing by Amrutha Gayathri)
  

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