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SE Asia Stocks-Most rise as oil prices extend gains; Yellen speech eyed
June 27, 2017 / 10:28 AM / 5 months ago

SE Asia Stocks-Most rise as oil prices extend gains; Yellen speech eyed

    By Nicole Pinto
    June 27 (Reuters) - Most southeast Asian stock markets edged higher on
Tuesday as oil prices rose for a fourth consecutive session, although worries
over a persistent global supply glut lingered.
    OPEC and 11 other exporters agreed in May to extend cuts in production,
despite which markets have remained well supplied due to rising output
elsewhere.
    Firming oil prices helped lift Southeast Asian markets a little higher,
coupled with window-dressing, as the end of the first half approaches, said
Joseph Roxas, an analyst with Manila-based Eagle Equities.
    Meanwhile, Fed Chair Janet Yellen is scheduled to take part in a discussion
in London later on Tuesday. Investors expect her to underline her positive view
on the U.S. economy, which would support the Fed's forecast of a rate hike this
year.
    Philippine shares closed 0.8 percent higher with International
Container Terminal Services gaining 4.5 percent. Semirara Mining
 rose one percent.
    The new Philippines environment minister Roy Cimatu said he may decide next
month on the fate of dozens of mining operations and contracts that have been
ordered closed, suspended or cancelled in order to protect watersheds and other
natural resources.
    Singapore shares edged up 0.3 percent led by gains industrials and
financials. 
    Keppel Corp and Oversea-Chinese Banking Corporation
gained 0.8 percent and 0.7 percent, respectively. 
    Bucking the trend, Vietnam shares ended 0.7 percent lower after
briefly touching a nine-year intraday high.
    "With a disappointing first quarter growth of 5.1 percent year-on-year, the
risk is that overall (Vietnam) GDP growth for this year will once again fall
short of the official target of 6.7 percent", DBS Group said in a note.
    Malaysia and Indonesia were closed on account of national
holidays.
 
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SOUTHEAST ASIAN STOCK MARKETS
  Change on the                                        
 day                                         
  Market          Current      Previous      Pct Move
                               Close         
  Singapore       3219.53      3209.47       0.31
  Bangkok         1586.45      1585.61       0.05
  Manila          7876.37      7814.17       0.80
 Ho Chi Minh      767.51       772.52        -0.65
                                             
  Change so far                              
 this year                                   
  Market          Current      End 2016      Pct Move
  Singapore       3219.53      2880.76       11.76
  Bangkok         1586.45      1542.94       2.82
  Manila          7876.37      6840.64       15.14
 Ho Chi Minh      767.51       664.87        16.19
 


 (Reporting by Nicole Pinto; Editing by Vyas Mohan)
  

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