SE Asia Stocks-Singapore hits 15-mth high on strong corporate earnings

By Urvashi Goenka

Feb 9 (Reuters) - Singapore shares hit a 15-month high on

Thursday, bouncing back from the previous session's losses, on

the back of strong corporate earnings and as oil prices

steadied.

The FTSE Straits Times Index rose as much as 0.8

percent to its highest since October 2015 with financial and

telecom stocks driving the gains.

"A good results season and recovery in oil prices have

boosted sentiment," said Linus Loo, head of research at Lim &

Tan Securities.

Singapore Telecommunications Ltd, the city-state's

biggest telecom firm by market value, gained as much as 1.3

percent to a one-week high on upbeat quarterly results.

"In Singapore, we expect banks to do well this season in the

rising interest rate environment," said Loo.

Keppel Corp Ltd rose 0.8 percent and Sembcorp

Industries Ltd gained 1.6 percent as oil prices

stabilised, boosted by an unexpected draw in U.S. gasoline

inventories, although bloated crude prices meant that fuel

prices remained under pressure.

Real estate firms CapitaLand Commercial Trust Ltd

rose 1.6 percent and UOL Group Ltd climbed 1.5

percent.

Meanwhile, Asian shares rose to their highest since July

2015 as investors grew more confident about the Chinese economy,

while the dollar slightly firmed in the wake of growing concerns

over political instability in Europe.

A rally in commodity prices in recent weeks led by copper

and iron ore along with gentle policy tightening by Beijing via

money market rates, had led to a more optimistic view of Chinese

corporate earnings, analysts said.

Earnings growth for MSCI China is expected at nearly 15

percent over the next 12 months, slightly ahead of 13 percent

projected for companies in MSCI Asia outside Japan, according to

Thomson Reuters data.

Indonesian shares were marginally up, mainly

supported by financial stocks.

Moody's Investors Service upgraded its credit outlook on

Indonesia to "positive" from "stable", praising its progress on

reforms and its efforts to keep finances under control despite

falling prices for its main commodity exports.

Philippine shares were flat ahead of the central

bank's policy meeting later in the day where it is expected to

keep rates unchanged.

Telecom and real estate stocks were the biggest gainers with

PLDT Inc and Globe Telecom Inc rising 3.4

percent and 1.3 percent, respectively.

The Malaysian stock market was closed for a national

holiday.

For Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS: Change at 0415 GMT

Market Current previous Pct Move

close

Singapore 3085.1 3066.53 0.61

Bangkok 1587.06 1589.29 -0.14

Manila 7231.8 7234.82 -0.04

Jakarta 5383.172 5361.088 0.41

Ho Chi Minh 701.67 702.04 -0.05

Change so far

this year

Market Current End 2016 Pct Move

Singapore 3085.1 2880.76 7.09

Bangkok 1587.06 1542.94 2.86

Manila 7231.8 6840.64 5.72

Jakarta 5383.172 5296.711 1.63

Ho Chi Minh 701.67 664.87 5.53

(Reporting by Urvashi Goenka; Additional reporting by Hanna

Paul; Editing by Subhranshu Sahu)