SINGAPORE, Nov 1 — Singapore and Indonesian stock markets closed higher today as an extended gaining run in global oil prices lifted energy stocks, while Thailand slipped, dragged by industrials.

Singapore shares gained 0.5 per cent, marking their strongest close in nearly two-and-a-half years, as oil prices soared to their highest since mid-2015 on hopes that major producers would maintain their output cuts.

"Brent has touched a two-year high and that’s providing an uplift to oil and gas stocks. You can see oil and gas heavyweights are up more than 2 per cent,” said Joel NG, an analyst at Singapore’s KGI Securities.

Oil-rig builders Sembcorp Industries and Keppel Corp rose 3 per cent and 2.1 per cent, respectively, with Keppel touching its highest since August 2015.

Indonesia rose 0.5 per cent on stronger oil and foreign fund inflows, with financials and energy stocks leading the gains.   

"We expect the market to trend higher on the first trading day of November, supported by foreign net buying and steady price uptick of crude oil,” analyst Taye Shim of Jakarta-based Mirae Asset Sekuritas said in a note.

Oil and gas explorer Energi Mega Persada rose 3 per cent while Indika Energy was up 3.1 per cent.

Investor sentiment was also boosted by Indonesia’s annual inflation rate easing for a fourth straight month in October, reaching its lowest level since January, as price increases of some foods continued to slow.

Vietnam surged 0.7 per cent, helped by industrial and consumer staple stocks.

Builder FLC Faros Construction closed at a record high, gaining 7 per cent, and was the biggest boost to the index.

Meanwhile, Thai shares lost 0.4 per cent, dragged by industrials.

Siam Cement shed 2 per cent after it reported a 16 per cent fall in third-quarter net profit on weak cement demand.

Thailand’s annual main consumer price index rose for a fourth straight month in October, slightly higher than forecasts, but the rate was still below the central bank’s target, giving it room to keep monetary policy accommodative.

The Philippine market was closed on Wednesday for a public holiday. — Reuters