By Anusha Ravindranath
Oct 6 Most Southeast Asian stock markets rose on
Thursday, following stronger Asian peers, as sentiment was
upbeat on encouraging economic data from the United States.
Data released on Wednesday showed that activity in the
world's largest economy's services sector boomed to an 11-month
high in September.
However, growing optimism about the U.S. economy raised bets
that the Federal Reserve might hike rates in December.
MSCI's broadest index of Asia-Pacific shares outside Japan
rose 0.4 percent.
Singapore shares climbed to their highest in a month,
aided by gains in financials, the biggest constituent of the
index, and industrial stocks.
"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."
Oil prices had jumped overnight to hit their highest since
June. Although they dipped on Thursday, prices still remained
near more than three-month highs.
Thai stocks rallied for a fourth straight session,
touching their highest in a month during the session. Energy
shares and consumer non-cyclicals were among the big gainers.
Thailand's economic recovery has been on track amid steady
interest rates, its central bank chief said, suggesting that
policy easing is not expected for the time being.
"We have decided to hold policy rates constant for quite
some time now because the policy rate has been quite low and the
economic recovery has been on the path that we had expected," he
Malaysian shares posted their third session of
gains, while the Philippines ended marginally lower.
The Jakarta Composite Index fell for a second day,
dragged down by telcos and consumer cyclicals.
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SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current previous Pct Move
Singapore 2885.22 2880.69 0.12
Bangkok 1513.86 1509.92 0.26
Manila 7620.16 7639.79 -0.26
Jakarta 5409.344 5420.648 -0.21
Kuala Lumpur 1666.73 1662.92 0.23
Ho Chi Minh 687.32 687.04 0.04
Change so far this year
Market Current End prev yr Pct Move
Singapore 2885.22 2882.73 0.09
Bangkok 1515.69 1288.02 17.68
Manila 7620.16 6952.08 9.61
Jakarta 5409.344 4593.008 17.77
Kuala Lumpur 1666.73 1692.51 -1.52
Ho Chi Minh 687.32 579.03 18.70
(Reporting by Anusha Ravindranath in Bengaluru; Editing by