By Anusha Ravindranath
Oct 6 Most Southeast Asian stock markets rose on
Thursday, reflecting gains in Asian peers, as strong economic
data from the United States lifted investor sentiment.
Data released on Wednesday showed activity in the U.S.
services sector rebounded to an 11-month high in September,
following similarly upbeat news from factories on Monday when
the Institute of Supply Management reported factory activity
shrugged off weakness in August.
However, rising optimism about the U.S. economy boosted bets
that the Federal Reserve would raise rates in December.
MSCI's broadest index of Asia-Pacific shares outside Japan
rose 0.2 percent.
Singapore shares climbed to their highest in a month,
supported by gains in financials, the biggest constituent of the
index, and oil and gas stocks.
Crude prices rallied overnight to hit their highest since
June after the fifth unexpected weekly drawdown in U.S. crude
inventories bolstered hopes that major producers will agree to
cut output next month.
"I think data from the United States overnight and a rise in
oil prices boosted investor sentiment," said Ong Kian Lin of RHB
Securities Singapore Pte Ltd. "Market conditions definitely look
quite peaceful now."
Indonesian shares were flat, while Vietnam
rose for a third straight session to hit a one-week high.
Meanwhile, Philippine shares edged down and were
headed for a second session of falls in lacklustre trading.
Financial stocks led the losses with Security Bank Corp
and Metropolitan Bank and Trust Co among the
"I think Philippines is driven by local forces at the
moment," said Reuben Mark Angeles of First Metro Securities
"We have some noise that is shaking the political stability
of the country. But I think the market is a bit quiet now
compared to yesterday."
The Philippine stock index shed 1 percent on Wednesday after
political tensions rose on President Rodrigo Duterte's verbal
outburst against the United States.
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SOUTHEAST ASIAN STOCK MARKETS
Change at 0353
Market Current previous Pct Move
Singapore 2891.44 2880.69 0.37
Bangkok 1513.99 1509.92 0.27
Manila 7624.87 7639.79 -0.20
Jakarta 5420.48 5420.648 0.00
Kuala Lumpur 1665.53 1662.92 0.16
Ho Chi Minh 690.48 687.04 0.50
Change so far
Market Current End prev yr Pct Move
Singapore 2891.44 2882.73 0.30
Bangkok 1513.99 1288.02 17.54
Manila 7624.87 6952.08 9.68
Jakarta 5420.48 4593.008 18.02
Kuala Lumpur 1665.53 1692.51 -1.59
Ho Chi Minh 690.48 579.03 19.25
(Reporting by Anusha Ravindranath in Bengaluru; Editing by