Higher ahead of OPEC meet; Vietnam recovers

Higher ahead of OPEC meet; Vietnam recovers
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(Nov 30): Most Southeast Asian stock markets ended higher on Wednesday in cautious trading, ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) to cut oil production in an effort to prop up prices that have more than halved since 2014.

Vietnam reversed early-session losses and ended 1.03% higher, after losing for four straight sessions. Consumer staples led the gains with Vietnam Dairy Products Joint Stock Co ending 2.8% higher.   

Oil prices recovered as much as 2% on Wednesday, following an Iraqi delegate statement that some form of deal would be reached between OPEC members. 

Singapore finished 0.9% higher extending gains for the seventh session. 

Financials led the gains on the index with Donald Trump's election victory boosting expectations of quicker inflation in the United States, just as the Federal Reserve appears poised to tighten policy, helping improve interest margins for Singapore banks. 

Singapore's total bank lending in October rose with loans to manufacturing and general commerce increasing, central bank data showed on Wednesday.

The city-state's top three banks, DBS Group Holdings ended 1.2% higher, United Overseas Bank Ltd closed 1.4% higher and Oversea-Chinese Banking Corp finished 0.7% higher.

Indonesia rose marginally, helped by financials with PT Bank Rakyat Indonesia (Persero) ending 3.3% higher.

Thailand closed 0.9% higher, with energy financials stocks gaining the most.

Thailand's October imports rose 7.4% on year while, exports fell 4.3% on year. 

Also, Thailand's industrial output rose for a third straight month in October, however the gain was much smaller than expected, suggesting the recovery remains fragile. 

Bucking the trend, Malaysia fell 0.5%. The Philippine stock market was closed for a holiday.

Change on the day

Market Current previous close Pct Move
Singapore 2904.02 2879.14 0.86
Bangkok 1510.24 1497.18 0.87
Jakarta 5148.91 5136.667 0.24
Kuala Lumpur 1619.12 1626.93 -0.48
Ho Chi Minh 665.07 658.26 1.03

Change this year

Market Current End 2015 Pct Move
Singapore 2904.02 2882.73 0.74
Bangkok 1510.24 1288.02 17.25
Manila 6781.2 6952.08 -2.46
Jakarta 5148.91 4593.008 12.10
Kuala Lumpur 1619.12 1692.51 -4.34
Ho Chi Minh 665.07 579.03 14.86