|Published : 01 Dec 2016, 14:16:04|
Southeast Asian stocks rise on OPEC deal
Southeast Asian stock markets rose on Thursday, in line with regional peers, on upbeat investor sentiment after producer club OPEC and Russia cut a deal to reduce output.
The Organisation of the Petroleum Exporting Countries (OPEC) agreed on Wednesday its first oil output reduction since 2008.
The deal also included the group's first coordinated action with non-OPEC member Russia in 15 years.
Following the announcements, Brent crude futures shot up over 10 per cent. By 0224 GMT, they stood at $51.88 per barrel.
Shares in Indonesia, the only East Asian member of OPEC, jumped as much as 1.2 per cent in their biggest percentage gain in two weeks.
Singapore shares advanced as much as 0.8 per cent to a four-month high.
Thai shares gained as much as 0.9 per cent to a two-month high. The country's November headline consumer prices rose on an annual basis for an eighth straight month, according to a news agency report.