|Published : 17 Feb 2017, 15:02:37|
SE Asian stocks mixed; Singapore jumps
Southeast Asian stock markets were mixed on Friday, while Singapore stocks rose on strong economic data, Thailand gained for a third session on Friday.
Singapore and Thailand markets boosted by firmer global oil prices on likely further output cuts by producer club OPEC aimed at reducing a supply overhang.
The OPEC could extend its oil supply-reduction pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level.
Singapore's FTSE Straits Times Index rose as much as 0.6 per cent, led by gains in financials and industrials. The index was on track to climb 0.4 per cent on the week.
Offshore oil-rig builder Keppel Corporation Ltd jumped as much as 2.1 per cent to its highest since Nov. 2015, while Singapore Technologies Engineering Ltd surged 7.1 per cent to a near 22-month high.
Thai shares rose as much as 0.5 per cent, but the index was on track to lose 0.4 per cent on the week. PTT Pcl, Thailand's largest energy firm, gained up to 0.8 per cent.
Philippines fell marginally, with index heavyweight PLDT Inc down as much as 1.7 per cent. The index was however on track to gain 0.5 per cent on the week.
Indonesian shares fell as much as 0.6 per cent to a two-week low, on track for their third straight session of losses, dragged down by consumer discretionary and financial stocks, according to Reuters.