Higher as oil recovers; set for gains on week

Higher as oil recovers; set for gains on week
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BANGKOK (Aug 28): Southeast Asian stock markets rose on Friday as a rebound in global oil prices lured investors back to energy shares, with Malaysia and the Philippines seeing robust gains ahead of a three-day weekend.

Kuala Lumpur's composite index advanced 0.8% to its highest level since Aug 14. It is on course for a weekly gain of 2.5%, among the outperformers in the region.

The Philippine index rose 0.7%, but is poised for a weekly drop of almost 3%.

Malaysia and the Philippines will be closed on Monday for a public holiday.

Shares in Singapore, Indonesia and Vietnam extended gains from the day before, and were on track to end the week higher.

Among top gainers were Indonesia's Astra Agro Lestari, Malaysia's Sapurakencana Petroleum, Philippine Petron Corp and Singapore's Sembpcorp Marine, with crude oil futures rising on Friday, adding to their biggest one-day rally in over six years the day before.

In Bangkok, the SET index was up 0.8%, led by an 8% surge in shares of energy explorer PTT Exploration and Production.

The SET is on course for a modest rise on the week after a more-than-5% plunge the week before after a deadly bomb blast in Bangkok spurred foreign selling.

The military government's plan for economic stimulus measures also helped buoy sentiment, brokers said.

"Energy shares should lead the overall market higher today, and we would continue to focus on stocks that will benefit from coming economic stimulus measures," said strategists at broker Krungsri Securities in a report.

Asian shares extended a global rally on Friday after upbeat U.S. economic data calmed sentiment, with Chinese stocks jumping for the second day following a rocky start to the week.


Change at 0626 GMT
Market Current Prev Close % Move
Singapore 2986.84 2945.43 +1.41
Kuala Lumpur 1613.43 1601.70 +0.73
Bangkok 1368.49 1358.03 +0.77
Jakarta 4467.45 4430.63 +0.83
Manila 7070.94 7022.09 +0.70
Ho Chi Minh 565.17 555.81 +1.68