SINGAPORE, Sept 27 (Reuters) Most Southeast Asian stock markets climbed on Thursday, with Singapore hitting a record high as concerns about the U.S. subprime mortgage market eased.
The city-state's Straits Times Index <.STI> hit a peak of 3,723.32 points, breaching the previous peak of 3,688.58 set on July 16, and closed up 1.77 percent at 3,714.77 points.
Index heavyweights Singapore Telecommunications
Malaysian stocks <.KLSE> rose 1.12 percent, Indonesian shares <.JKSE> gained 0.75 percent and the Philippines' key index <.PSI> added 2.93 percent.
The Vietnam stock market <.VNI> fell 0.18 percent, while Thai stocks <.SETI> were down 0.16 percent by 0928 GMT.
''Of late, noises coming out of the U.S. and Europe suggest the subprime problem has stabilised,'' a trader with a Singapore bank brokerage said, citing reports that Bear Sterns
''(The) Dow Jones is doing well and Asian stocks tend to follow,'' she added.
Technical indicators suggested the STI and Dow Jones industrial average <.DJI> will continue to rally in coming sessions, which will be positive for Southeast Asian stocks in general, UOB's Kay Hian said in a note to clients.
The Dow rose 0.72 percent overnight after the dollar stabilised against other major currencies and a strike at General Motors
Gains in the Philippines were led by Banco de Oro
Steel maker Ann Joo
REUTERS MP DS1708