KUALA LUMPUR, Sept 29 — Southeast Asian stock markets rose today, in line with broader Asian shares, led by energy counters across the region as a rally in global oil prices after Opec members struck a deal to curtail output aided sentiment.

Oil futures extended gains after rising nearly 6 per cent yesterday, as Opec members agreed to limit production to a range of 32.5-33.0 million barrels per day (bpd) in talks held on the sidelines of an energy conference in Algeria.

The surprise decision to cut output was the cartel’s first such agreement since 2008.

"It remains to be seen whether such a cut is followed by all members and whether Russia would follow with a cut of its own,” Trimegah Securities said in a note.

"But it would still serve as a positive sentiment, at least for the short-term.” 

How much each country will produce is to be decided at the next formal Opec meeting in November, when an invitation to join cuts could also be extended to non-Opec countries such as Russia.

Thai shares rose 1 per cent, snapping four sessions of losses, to outperform regional peers.

Bluechips PTT Pcl and Thai Oil Pcl were among the top movers.

Singapore shares hit a three-week high, erasing previous session’s losses, with rig builder Keppel Corp climbing 2.1 per cent and Sembcorp Industries gaining 2.8 per cent.

Philippine shares rose 0.9 per cent, on track for a second straight session of gains, with oil conglomerate Petron Corp up as much as 6.1 per cent, its biggest intraday per centage gain in more than two months.

Vietnam climbed for the ninth straight session in thin trade, with energy stocks such as Petrovietnam Gas Joint Stock Corp and PetroVietnam Drilling & Well Service Corp rising 3.71 per cent and 6.30 per cent, respectively.

The country’s economy grew at an annual 6.4 per cent in the third quarter, the fastest pace since the last quarter of 2015 but below the 6.87 per cent pace clocked last year, the government said today.

Indonesian shares was up for a third day, while Malaysia inched up marginally.

Malaysia’s biggest oil and gas services company SapuraKencana Petroleum rose 4.67 per cent.

Asian shares took heart from the oil price gains overnight, with MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.8 per cent by mid-morning.  — Reuters