By Suhail Hassan Bhat
Sept 29 Southeast Asian stock markets rose on
Thursday, in line with broader Asian shares, led by energy
counters across the region as a rally in global oil prices after
OPEC members struck a deal to curtail output aided sentiment.
Oil futures extended gains after rising nearly 6 percent on
Wednesday, as OPEC members agreed to limit production to a range
of 32.5-33.0 million barrels per day (bpd) in talks held on the
sidelines of an energy conference in Algeria.
The surprise decision to cut output was the cartel's first
such agreement since 2008.
"It remains to be seen whether such a cut is followed by all
members and whether Russia would follow with a cut of its own,"
Trimegah Securities said in a note
"But it would still serve as a positive sentiment, at least
for the short-term."
How much each country will produce is to be decided at the
next formal OPEC meeting in November, when an invitation to join
cuts could also be extended to non-OPEC countries such as
Thai shares rose 1 percent, snapping four sessions
of losses, to outperform regional peers.
Bluechips PTT Pcl and Thai Oil Pcl were
among the top movers.
Singapore shares hit a three-week high, erasing
previous session's losses, with rig builder Keppel Corp
climbing 2.1 percent and Sembcorp Industries
gaining 2.8 percent.
Philippine shares rose 0.9 percent, on track for a
second straight session of gains, with oil conglomerate Petron
Corp up as much as 6.1 percent, its biggest intraday
percentage gain in more than two months.
Vietnam climbed for the ninth straight session in
thin trade, with energy stocks such as Petrovietnam Gas Joint
Stock Corp and PetroVietnam Drilling & Well Service
Corp rising 3.71 percent and 6.30 percent,
The country's economy grew at an annual 6.4 percent in the
third quarter, the fastest pace since the last quarter of 2015
but below the 6.87 percent pace clocked last year, the
government said on Thursday.
Indonesian shares was up for a third day, while
Malaysia inched up marginally.
Malaysia's biggest oil and gas services company
SapuraKencana Petroleum rose 4.67 percent.
Asian shares took heart from the oil price gains overnight,
with MSCI's broadest index of Asia-Pacific shares outside Japan
up 0.8 percent by mid-morning.
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SOUTHEAST ASIAN STOCK MARKETS
Change at 0307
Market Current Previous Pct Move
Singapore 2874.38 2858.01 0.57
Bangkok 1494.46 1479.58 1.01
Manila 7654.48 7586.96 0.89
Jakarta 5461.182 5425.337 0.66
Kuala Lumpur 1668.23 1664.96 0.20
Ho Chi Minh 690.25 686.72 0.51
Market Current End 2015 Pct Move
Singapore 2874.38 2882.73 -0.29
Bangkok 1494.46 1288.02 16.03
Manila 7654.48 6952.08 10.10
Jakarta 5461.182 4593.008 18.90
Kuala Lumpur 1668.23 1692.51 -1.43
Ho Chi Minh 690.25 579.03 19.21
(Reporting by Suhail Bhat; Editing by Biju Dwarakanath)