Southeast Asian stock markets rose on Wednesday as a rise in oil prices gave a boost to energy-relatedstocks, while interest rate sensitive shares were mixed in the Philippines, a day before the central bank’s meeting to review its benchmark interest rate.
The Philippines’ main index was up 0.2 per cent at 7,808.35, the highest close since May 7.
Trading volume was relatively thin, which was 59 per cent of a full-day average over the past 30 days.
Foreign investors sold shares worth 556 million peso ($12.5 million), including Metropolitan Bank & Trust, which was down 1.5 per cent, stock exchange data showed. However, they bought the shares of BDO Unibank, sending the stock 1.4 per cent higher.
The Philippine central bank is expected to leave its benchmark interest rate unchanged on Thursday with no immediate threat to its inflation target and growth expected to stay robust.
Palm plantation and energy shares were among outperformers as Brent crude oil rose above $67 a barrel towards five-month highs on Wednesday after US crude stockpiles fell for a second straight week.
Indonesia-listed oil palm planter Astra Agro Lestari surged 7.7 per cent, the biggest percentage gainer on MSCI’s index of Southeast Asia.
Thai PTT gained 2.6 per cent, the fifth best on MSCI’s index of Thailand.
For most share markets, buying was led by domestic investors. Stock exchange data showed foreign investors were net sellers worth 134 million ringgit ($37.26 million) of Malaysia and 380 billion rupiah ($28.93 million) of Indonesia.