BANGKOK, Dec 24 — Southeast Asian stock markets rose today as energy shares were lifted by a recovery in crude oil prices, bringing Singapore’s index to a near three-week high, Thai key index touching a near one-week high and Vietnam snapped losses.
Singapore’s key Straits Times Index was up 0.5 per cent at 2,877.62, the highest close since December 7, with shares of oil and gas service firm Keppel Corp among actively traded. Singapore traded half-day and will shut tomorrow for a public holiday.
Thai stocks gained about 1 per cent to 1,284.10, the highest since December 18. Shares of PTT, the country’s biggest oil and gas firm, jumped 1.2 per cent as US crude prices rose for a fourth straight session today.
“In our view, a further rise in oil prices should set the SET index up to build on its gains today but the room for upside may be limited amid a continued foreign sell-off,” strategists at broker Phillip Securities wrote in a report.
The Thai market was the second worst-performing market in Southeast Asia this year as foreign investors fled the market partly due to the US Federal Reserve’s first interest rate hike in nearly a decade last week.
Vietnam’s benchmark VN Index edged up 0.4 per cent, on track to snap a four-session losing streak, due to gains in energy shares such as PetroVietnam Gas.
Stock markets in the Philippines, Malaysia and Indonesia were closed today through tomorrow for public holidays. — Reuters
