BANGKOK, Feb 13: Southeast Asian stock markets rose today as investors bought energy shares after a rally in global oil prices, with the Malaysian index rebounding from the previous session’s near-two-week closing low while the Philippine index climbed for a second day.
Outperformers in the region included Malaysia’s oil and gas firm Sapurakencana Petroleum, Singapore’s Keppel Corp, Thailand’s PTT Exploration and Production and Philippine First Gen Corp. The Kuala Lumpur composite index edged up 0.3 percent at 1,795.14, reversing from the close of 1,789.07 on Thursday. The Philippine index was up 0.7 percent at 7,769.68, near a record close of 7,782.57 hit on Feb. 9.
Thai shares traded a tad higher at 1,613.96. Broker KGI Securities expected the Thai market to rise further due to favourable external factors.
‘Global backdrops improved faster than expected … Energy stocks may have firmer traction today as the capex cut theme was back to drive an oil market rebound,’ the broker said in a report.
Benchmark Brent crude held above $59 in Asia on Friday, up more than 3 percent this week, while Asian shares gained on Friday on news of a ceasefire accord in Ukraine. In Jakarta, shares traded higher ahead of current account data for the fourth quarter, due later in the day. The Jakarta composite index was up 0.5 percent at 5,368.17, climbing at one point to 5,380.84, a record high.
Selected large-caps in the region rose. Singapore’s United Overseas Bank was up 0.8 percent after it reported a better-than-expected quarterly profit. In Hanoi, Vietnam’s benchmark VN Index rose 0.37 percent ahead of a long public holiday.
Vietnam is on track for a weekly gain of 2.2 percent, Southeast Asia’s best performer. The region headed for mixed weekly performances, with Malaysia on track for a fall of about 1 percent, among underperformers.
(AGENCIES)
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