Thai key index hovered around 20-month high on Tuesday as gains in large-cap energy shares overshadowed weakness in airline stocks amid a rise in oil futures. The benchmark SET index rose 1.25 percent to 1,602.54, the highest close since May 2013. Shares of energy explorer PTT Exploration and Production surged 7.1 percent, while top energy firm PTT jumped 4.2 percent.
Bucking the trend, shares of national carrier Thai Airways International and budget airline Nok Airlines fell over 1 percent. Oil futures rose on Tuesday, adding to gains of more than 11 percent in the prior two sessions as BP announced a cut in capital expenditure for 2015. Stocks in Indonesia posted modest gains amid foreign-led buying in banking shares such as Bank Mandiri and Bank Rakyat Indonesia, stock exchange and Thomson Reuters data showed. Oil-related stocks outperformed across exchanges.
In Singapore, shares of Keppel Corp rose 1.5 percent versus a 0.5 percent fall in the key Straits Times Index. Philippine refiner Petron Corp shares gained 4.6 percent, outpacing the main index's 0.2 percent fall. Vietnam's benchmark VN Index fell for the fourth session to end at a 3-1/2 week low, led by banks and manufacturing companies as investors offloaded stocks despite reassurance from market regulators to take supportive measures. Malaysia was closed for a second day for a public holiday. The market will open on Wednesday.
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