Most Southeast Asian stock markets rose on Wednesday, led by Singapore which posted its biggest single-day gain in two months, as positive China trade data and firm oil prices helped sentiment. Singapore's Straits Times Index jumped 2.7 percent to its highest since March 23, as shares of oil rig builders rallied following a big jump in oil prices a day before.
Shares of offshore rig company Sembcorp Marine Ltd led the rally with a 17 percent surge, their biggest percentage gain in more than seven years. Rival Keppel Corporation Ltd rose as much as 5 percent. "Oil continued to climb up above $40 a barrel while Japanese yen reversed from the strengthening trend," said Taye Shim, an analyst at KDB Daewoo Securities Indonesia.
Oil futures were hit by profit-taking on Wednesday on concerns that a producer meeting, planned for Sunday in Doha to discuss an output freeze, will do little to trim oversupply and a strengthening dollar. Sentiment was also boosted by China's trade performance, which blew past expectations in March, providing more evidence of stabilisation in the world's second-largest economy.
In Indonesia, the main stock index gained 0.5 percent. Bahana Securities said in a note on Wednesday that the Indonesia Stock Exchange is considering shortening the settlement period to two days from the current three days, citing a local media report. Stocks in Malaysia ended three days of losses to gain 0.5 percent, while Philippine shares also rose 0.5 percent. Bucking the trend, Vietnam stocks were down 0.3 percent. The Thai market is closed for the Songkran Festival.