NEW YORK, Oct 3 — Most South-east Asian stock markets edged higher today after Wall Street hit a record high overnight, while losses in financials and energy shares dragged down the Singapore index.

US stocks started the fourth quarter on a strong note yesterday, with all three major indexes hitting record high closes as data pointed to underlying strength in the economy.

A measure of US manufacturing activity surged to a near 13-1/2-year high in September.

Thailand shares edged up to a near 24-year high, extending gains from the previous session. Siam Cement Pcl and PTT Pcl rose 1.2 per cent and 0.5 per cent, respectively.

The drop in sentiment on key indicators from PMI on Europe and U.S is not as bad as analysts estimated, said Rakpong Chaisuparakul, an analyst with Bangkok-based KGI Thailand.

“So, the Thai stock market could possibly extend the buying we saw yesterday,” he said.

“But, I expect more volatility. So, the view is cautiously positive.” Meanwhile, Malaysian stock market edged up 0.1 per cent and was on track to snap 10 sessions of decline, its longest losing streak since May 2010. Blue chip Genting Malaysia added 2.8 per cent, its biggest jump in over a month, while Axiata Group rose 0.3 per cent.

Philippine shares gained 0.5 per cent on financial and industrial stocks. Market heavyweight SM Investments Corp was up 1 per cent, while BDO Unibank rose as much as 2.3 per cent to a record high. Indonesia stock market edged higher, helped by consumer staples. Unilever Indonesia rose 1.2 per cent while mining contractor United Tractors climbed 2.4 per cent. An index of the country’s 45 most liquid stocks gained about 0.4 per cent.

Singapore shares shed 0.6 per cent with United Overseas Bank Ltd and Overseas-Chinese Banking Corp Ltd slipping 1.4 per cent and 1.2 per cent, respectively. Oil rig builder Keppel Corporation Ltd fell 1.4 per cent.

Oil edged lower on Tuesday, declining for a second day and sapping more strength from a third-quarter rally, amid signs that a global glut in crude may not be clearing as quickly as bulls had hoped. — Reuters