By Nicole Pinto
June 27 (Reuters) – Most southeast Asian stock markets edged higher on
Tuesday as oil prices rose for a fourth consecutive session, although worries
over a persistent global supply glut lingered.
OPEC and 11 other exporters agreed in May to extend cuts in production,
despite which markets have remained well supplied due to rising output
Firming oil prices helped lift Southeast Asian markets a little higher,
coupled with window-dressing, as the end of the first half approaches, said
Joseph Roxas, an analyst with Manila-based Eagle Equities.
Meanwhile, Fed Chair Janet Yellen is scheduled to take part in a discussion
in London later on Tuesday. Investors expect her to underline her positive view
on the U.S. economy, which would support the Fed’s forecast of a rate hike this
Philippine shares closed 0.8 percent higher with International
Container Terminal Services gaining 4.5 percent. Semirara Mining
rose one percent.
The new Philippines environment minister Roy Cimatu said he may decide next
month on the fate of dozens of mining operations and contracts that have been
ordered closed, suspended or cancelled in order to protect watersheds and other
Singapore shares edged up 0.3 percent led by gains industrials and
Keppel Corp and Oversea-Chinese Banking Corporation
gained 0.8 percent and 0.7 percent, respectively.
Bucking the trend, Vietnam shares ended 0.7 percent lower after
briefly touching a nine-year intraday high.
“With a disappointing first quarter growth of 5.1 percent year-on-year, the
risk is that overall (Vietnam) GDP growth for this year will once again fall
short of the official target of 6.7 percent”, DBS Group said in a note.
Malaysia and Indonesia were closed on account of national
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
Change on the
Market Current Previous Pct Move
Singapore 3219.53 3209.47 0.31
Bangkok 1586.45 1585.61 0.05
Manila 7876.37 7814.17 0.80
Ho Chi Minh 767.51 772.52 -0.65
Change so far
Market Current End 2016 Pct Move
Singapore 3219.53 2880.76 11.76
Bangkok 1586.45 1542.94 2.82
Manila 7876.37 6840.64 15.14
Ho Chi Minh 767.51 664.87 16.19
(Reporting by Nicole Pinto; Editing by Vyas Mohan)