next article

SE Asia stocks: Rise as oil prices extend gains; Vietnam outperforms
By Reuters -

SE Asia stocks: Rise as oil prices extend gains; Vietnam outperforms

Southeast Asian stocks rose on Thursday, with energy shares leading gains in five of the six markets, as global crude prices continued their uptrend and investors counted on the Bank of England to cut interest rates to a record low.
Oil prices rose more than 3 percent in the previous session after a larger-than-expected gasoline draw eased concerns about global supply glut.
Investor sentiment was also upbeat on expectations that the Bank of England would cut interest rates to a record low of 0.25 percent later in the day.
If the BoE cuts its bank rate to the lowest level in its 322-year history, it will join the Bank of Japan and the Reserve Bank of Australia, which undertook unprecedented stimulus in the past week.
"Global central banks are trying to address the possible impact of global economic slowdown following the Brexit vote. We're going to see a shift of funds from developed economies back to emerging markets," said Lexter Azurin, an analyst with Unicapital Securities in Manila.
"Investors are buying into the growth story of emerging markets and that is why our markets are faring well."
Vietnam shares outperformed other markets in the region, and were set to snap four sessions of losses with Petrovietnam Gas Joint Stock Corp, the country's second-largest listed firm by market value, rising as much as 2.54 percent.
Singapore shares were marginally higher, led by telecommunication stocks. Oil-rig companies Keppel Corp Ltd and Sembcorp Marine Ltd were among the top gainers.
Singapore is set to report detailed data on gross domestic product for the second quarter on Aug. 11, the Ministry of Trade and Industry said on Thursday.
Indonesian shares rebounded from the previous session's losses, but investors were cautious ahead of U.S payrolls data for July on Friday.
"We expect JCI to rebound following the oil price jump to $41.17 per barrel. However, we expect limited upside sentiment as investors are likely to take conservative stance ahead of the US jobs report on Friday," said Taye Shim, an analyst with Daewoo Securities in Jakarta.