SE Asia Stocks-Up on oil price rally; Singapore hits near 3-wk high

By Suhail Hassan Bhat

Sept 29 (Reuters) - Southeast Asian stock markets rose on

Thursday, in line with broader Asian shares, led by energy

counters across the region as a rally in global oil prices after

OPEC members struck a deal to curtail output aided sentiment.

Oil futures extended gains after rising nearly 6 percent on

Wednesday, as OPEC members agreed to limit production to a range

of 32.5-33.0 million barrels per day (bpd) in talks held on the

sidelines of an energy conference in Algeria.

The surprise decision to cut output was the cartel's first

such agreement since 2008.

"It remains to be seen whether such a cut is followed by all

members and whether Russia would follow with a cut of its own,"

Trimegah Securities said in a note

"But it would still serve as a positive sentiment, at least

for the short-term."

How much each country will produce is to be decided at the

next formal OPEC meeting in November, when an invitation to join

cuts could also be extended to non-OPEC countries such as

Russia.

Thai shares rose 1 percent, snapping four sessions

of losses, to outperform regional peers.

Bluechips PTT Pcl and Thai Oil Pcl were

among the top movers.

Singapore shares hit a three-week high, erasing

previous session's losses, with rig builder Keppel Corp

climbing 2.1 percent and Sembcorp Industries

gaining 2.8 percent.

Philippine shares rose 0.9 percent, on track for a

second straight session of gains, with oil conglomerate Petron

Corp up as much as 6.1 percent, its biggest intraday

percentage gain in more than two months.

Vietnam climbed for the ninth straight session in

thin trade, with energy stocks such as Petrovietnam Gas Joint

Stock Corp and PetroVietnam Drilling & Well Service

Corp rising 3.71 percent and 6.30 percent,

respectively.

The country's economy grew at an annual 6.4 percent in the

third quarter, the fastest pace since the last quarter of 2015

but below the 6.87 percent pace clocked last year, the

government said on Thursday.

Indonesian shares was up for a third day, while

Malaysia inched up marginally.

Malaysia's biggest oil and gas services company

SapuraKencana Petroleum rose 4.67 percent.

Asian shares took heart from the oil price gains overnight,

with MSCI's broadest index of Asia-Pacific shares outside Japan

up 0.8 percent by mid-morning.

For Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS

STOCK MARKETS

Change at 0307

GMT

Market Current Previous Pct Move

Close

Singapore 2874.38 2858.01 0.57

Bangkok 1494.46 1479.58 1.01

Manila 7654.48 7586.96 0.89

Jakarta 5461.182 5425.337 0.66

Kuala Lumpur 1668.23 1664.96 0.20

Ho Chi Minh 690.25 686.72 0.51

Change this

year

Market Current End 2015 Pct Move

Singapore 2874.38 2882.73 -0.29

Bangkok 1494.46 1288.02 16.03

Manila 7654.48 6952.08 10.10

Jakarta 5461.182 4593.008 18.90

Kuala Lumpur 1668.23 1692.51 -1.43

Ho Chi Minh 690.25 579.03 19.21

(Reporting by Suhail Bhat; Editing by Biju Dwarakanath)