Most Southeast Asian stock markets rose on Wednesday as a rally in energy shares boosted the Philippine main index to an eighth record close since the new year, while the Malaysian benchmark posted the biggest single-day gain in more than six weeks. The Philippine composite index ended up 1.35 percent at 7,716.06, topping the previous record close of 7,689.91 on January 30.
The Philippine bourse reported net foreign inflows into large-cap energy shares such as refiner Petron Corp, Energy Development Corp and First Gen Corp, its statement showed. "While the PSEi trekked higher mostly in-step with Wall Street and other Asian markets, the Philippine story remains attractive to investors. The positive expectations continue to support the market's uptrend," said Philippine Stock Exchange President and CEO Hans Sicat.
The Kuala Lumpur composite index climbed 1.22 percent, its best gain since December 22. Oil and gas firm Sapurakencana Petroleum Bhd jumped 5.6 percent to its highest since late November. Energy firms outperformed across exchanges, including Singapore's Keppel Corp, Thailand's PTT and Indonesia's Perusahaan Gas Negara Oil markets have rebounded in recent days as some investors become more confident that oil prices have hit their bottom after a seven-month rout.
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