Southeast Asian stock markets gained on Thursday on an overnight rally in oil prices with the Thai index closing at its highest in nearly six months while Malaysian stocks ended a three-day fall. Thailand's SET index closed at its highest since October 27, up 0.6 percent from a day earlier, driven by energy stocks. Shares of PTT PCL, the country's top oil firm, led the gain, climbing 3.3 percent to their highest in eight months.
Overnight, oil prices rose 4 percent on a smaller-than-expected build in US crude inventories and as oil bulls bet that major crude producers would meet again to try to curtail output.
"In our view, rising oil prices should give Thai energy shares a lift today, but the room for upside in Thai stocks however looks limited in the near term due to a lack of strong buying interest from key investor groups," Phillip Capital in Bangkok wrote in a note.
Analysts have warned that stock valuations in Thailand have become expensive after the recent rally.
Indonesia's stock index rose 0.5 percent. The mining sub-index outpaced the main index with a 2 percent gain as coal mining stocks benefited from higher oil prices.
Malaysian stocks ended up 0.7 percent with gaming conglomerate Genting Bhd posting its biggest one-day gain in three months.
Philippine stocks rose 0.8 percent with Ayala Land Inc rebounding from its lowest in over five weeks.
Vietnam's benchmark VN Index ended up 1.36 percent on Thursday, posting its strongest jump since March 2, with most shares rallying led by energy stocks.
PetroVietnam Gas soared 6.25 percent to its highest in more than a month after oil prices rose as the International Energy Agency said 2016 would see the biggest non-OPEC output fall in a generation, helping rebalance a market that has been dogged by oversupply.
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