BENGALURU (June 27): Most Southeast Asian stock markets rose on Wednesday, with the Philippines extending its recovery, as Wall Street's gains assuaged investor worries over a global equity sell-off and trade uncertainties.
US stocks found their footing overnight, helped by gains in the energy, technology and consumer discretionary sectors after a sharp sell-off a day earlier on spiralling global trade tensions.
"A minor recovery in the US is a welcome development for most stocks in the region," said Manny Cruz, an analyst with Asiasec Equities Inc.
Philippine stocks jumped as much as 1.5%, recouping the losses at the start of the week.
"Apart from bargain-hunting, there is also the traditional window-dressing before the quarter-end, so that has inspired some buying appetite on select stocks," Cruz said.
Real estate company Ayala Land rose more than 2%, while another market heavyweight SM Investments Corp gained nearly 4%.
However, Cruz said further headwinds were expected for the Philippine market, particularly from global trade tensions as well as a weaker peso.
Thai markets also rose, with energy stocks taking the lead as oil and gas explorer PTT PCL rose more than 1% on stronger oil prices.
The stock was the biggest boost to the benchmark index.
Oil prices firmed following supply disruptions in Libya and Canada and after US officials told oil importers to stop buying Iranian crude from November.
Indonesian stocks firmed about 0.5% with energy and telecom companies posting strong gains. Coal miner Bayan Resources jumped 18%, while Telekomunikasi Indonesia rose more than 1%.
The index of the region's 45 most liquid stocks rose 0.2%.
SOUTHEAST ASIAN STOCK MARKETS
Change as at 0411 GMT
|Market||Current||Previous close||% move|
|Ho Chi Minh||983.81||983.02||0.08|
Change on year
|Market||Current||End 2017||% move|
|Ho Chi Minh||983.81||984.24||-0.04|