By Nicole Pinto
June 27 (Reuters) – Most southeast Asian stock markets edged
up on Tuesday as crude oil futures rose for a fourth consecutive
session, with Vietnam hitting a fresh nine-year high early in
the day before giving up the gains.
Thai shares rose as much as 0.4 percent to a
4-1/2-month high as financials, industrials and energy companies
eked out small gains.
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.
Investors are also awaiting U.S. Federal Reserve Chair Janet
Yellen’s speech later in the day that could give an indication
about future rate hikes after this month’s tightening.
The Fed chair is seen likely to stick to her positive views
on the U.S. economy despite a recent batch of weak U.S. economic
data, supporting the Fed’s forecast of raising interest rates
once more this year.
Philippine shares led the gains in the region, with
International Container Terminal Services Inc up 3.4
percent and SM Investment up 1.2 percent.
Singapore climbed 0.4 percent, helped by gains in the
financial sector. Oversea-Chinese Banking Corp gained
0.3 percent and United Overseas Bank rose 0.3 percent.
Vietnam fell marginally after hitting its highest
since February 2008 earlier in the session.
Malaysia and Indonesia were closed on
account of national holidays.
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SOUTHEAST ASIAN STOCK MARKETS: Change at 0356 GMT
Change on the
Market Current Previous Pct Move
Singapore 3222.49 3209.47 0.41
Bangkok 1585.94 1585.61 0.02
Manila 7876.89 7814.17 0.80
Ho Chi Minh 772.05 772.52 -0.06
Change so far
Market Current End 2016 Pct Move
Singapore 3222.49 2880.76 11.86
Bangkok 1585.94 1542.94 2.79
Manila 7876.89 6840.64 15.1
Ho Chi Minh 772.05 664.87 16.1
(Reporting by Nicole Pinto; Editing by Amrutha Gayathri)