SE Asia stocks mostly up amid Asian rally
JAKARTA, April 13 — Most South-east Asian stock markets rose today, led by Singapore, as positive China trade data and firm oil prices helped sentiment in Asia.
Singapore’s Straits Times Index jumped 1.6 per cent to its highest since March 30, while Malaysia’s main stock index gained 0.3 per cent, snapping three days of losses.
Shares of offshore rig company Sembcorp Marine Ltd led the rally in Singapore with a 10.3 per cent surge, their biggest intra-day gain since January 19.
In Malaysia, shares of oil and gas company Sapurakencana Petroleum Bhd were among the biggest gainers, with a 1.6 per cent rise.
“Oil continued to climb up above US$40 (RM154.65) barrel while Japanese yen reversed from the strengthening trend,” noted analyst Taye Shim of KDB Daewoo Securities Indonesia.
All eyes would be on China’s March trade data, he said, adding that this would be the country’s first export growth since June 2015. China’s trade performance blew past expectations in March, providing more evidence of stabilisation in the world’s second-largest economy.
Oil futures gave up some of yesterday’s gains on profit-taking and as concerns over a larger-than-expected build in US crude stocks outweighed a report that Russia and Saudi Arabia had reached consensus on an oil output cap.
In Indonesia, the main stock index gained 0.1 per cent, while Philippine shares rose 0.2 per cent. Bucking the trend, Vietnam stocks were down 0.2 per cent.
The Thai market is closed for the Songkran Festival. — Reuters