SE Asian stocks climb in line with global equities, S'pore leads gains

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(Oct 12): Southeast Asian stock markets gained on Thursday, tracking a rally in global equities, with Singapore leading the gains and Thailand hitting a 24-year peak yet again.

Asian stocks rose to a decade-high as Wall Street hit record closes overnight after a report that a market-friendly candidate was being pushed as Janet Yellen's successor at the helm of the Federal Reserve.

Meanwhile, the US dollar weakened after the US central bank's last policy meeting minutes released on Wednesday showed a guarded view on inflation.  

"The positive performance that Wall Street witnessed helped boost sentiment in our markets," said Liu Jinshu, director of research at NRA Capital.

Singapore shares climbed as much as 0.8% to a more than eight-week high.

Financial stocks accounted for nearly half the gains on the index, with Oversea-Chinese Banking Corp Ltd and United Overseas Bank Ltd gaining more than 1% each.

Philippine shares climbed as much as 0.3%, driven largely by industrial stocks.

"Philippine markets are advancing because there is some selective buying into heavyweights such as Ayala Corp and SM Investments," said Jeffrey Lucero, equity research analyst at RCBC Securities.

SM Investments Corp and Ayala Corp each gained as much as 1.7%.

Thai shares rose as much as 0.3% and were set for a third straight winning session, led by financials and energy stocks.

SOUTHEAST ASIAN STOCK MARKET
Change at 0356 GMT

Market               Current    Previous close   % move
Singapore            3303.04    3280.28          0.69
Bangkok              1718.20    1714.14          0.25
Manila               8379.33    8358.47          0.25
Jakarta              5903.162   5882.787         0.35
Kuala Lumpur         1757.24    1757.21          0.00
Ho Chi Minh          815.07     813.95           0.14

Change on year

Market               Current    End 2016         % move
Singapore            3303.04    2880.76          14.66
Bangkok              1716.48    1542.94          11.25
Manila               8379.33    6840.64          22.5
Jakarta              5903.162   5296.711         11.45
Kuala Lumpur         1757.24    1641.73          7.04
Ho Chi Minh          815.07     664.87           22.6