Southeast Asia stocks gain as crude rebounds

  • WRITER: REUTERS

Most Southeast Asian markets ended higher on Thursday as a recovery in crude oil prices after a deep cut overnight helped revive sentiment ahead of the European Central Bank minutes.

Brent oil was up 1.5% at US$48.5 a barrel, recovering 1% of the 4% it lost in the previous session, while broader Asian markets were down after the US Federal Reserve gave mixed signals on Wednesday.

The minutes of the Fed's June policy meeting showed that several officials were divided on their outlook for inflation.

"The key parts of the markets are still reluctant to move forward as the minutes of the Fed meet show that even the committee itself is still mixed about the proper measures to reduce the balance sheet of the US Federal Reserve," said Rakpong Chaisuparakul, a strategist with KGI Securities.

Asian shares have been shaky this week due to tensions in the Korean peninsula after North Korea launched an intercontinental ballistic missile into Japanese waters, causing the United States to warn that it was ready to use force if need be to stop the missile programme.

Singapore ended the session 0.7% lower, with financial stocks accounting for more than half the losses.

DBS Group Holdings Ltd and Oversea-Chinese Banking Corporation Limited were the top losers on the index.

Philippine shares closed 0.5% higher, aided by financial stocks. Metro Pacific Investments Corp closed up 6.7% at its highest in nearly two months.

Indonesian shares edged up 0.4% on the back of gains in telecommunication stocks such as Telekomunikasi Indonesia (Persero) TBK PT which climbed 1.5%.

Southeast Asian stock markets

 

 

Current

Previous

% change

Indonesia                

5,849.57

5,825.05

+0.42

Malaysia       

1,770.53

1,768.16

+0.13

Philippines                 

7,888.31

7,848.84

+0.50

Singapore                 

3,226.34

3,248.71

-0.69

Vietnam        

782.65

778.32

+0.56


Back to top