BANGKOK, Sept 17 — Southeast Asian stock markets rose today ahead of a likely policy move by the US Federal Reserve, with stocks in Malaysia outperforming and Singapore hitting a more than one-week high as a big jump in global oil prices boosted energy stocks.

Oil prices jumped as much as 6 per cent yesterday after a US stock draw. Oil bulls were also encouraged by doubts on whether the Fed will decide to hike US interest rates on Today after tame August inflation data.

Malaysia’s Kuala Lumpur composite index was up 2.1 per cent on a rally in oil-related stocks. The index touched 1,691.93, a near six-week high, on resuming trade after a market holiday.

Shares of oil and gas services firm Sapurakencana Petroleum Bhd was up 7 per cent and Tenaga Nasional Bhd  was 2.3 per cent higher, among top gainers.

Affin Hwang Capital said in a strategy note that a surge in crude oil prices and the strengthening ringgit would help the index to test the next target of 1,700.

“Energy-related stocks are expected to advance further,” it said.

Singapore’s Straits Times Index climbed 1 per cent to the highest since September 9. Shares of oil and gas services firm Keppel Corporation advanced 3.7 per cent, the biggest per centage gainer.

A handful of regional energy shares posted strong gains, including Thailand’s PTT Exploration and Production Pcl which rose 2.1 per cent and Philippine Energy Development Corp which was up 3.7 per cent.

Indonesia’s Perusahaan Gas Negara was up 3.2 per cent, outpacing the key Jakarta composite index’s 0.8 per cent gain, with investors awaiting the Indonesian central bank’s interest rate decision, expected after 0600 GMT.

The Thai SET index rose for a second day, the Philippines’ key index headed for a fifth straight gain and Vietnam posted modest gains, its second.

Asian stocks edged up to a three-week high today ahead of the Fed rate decision. — Reuters