* Singapore at near two-week peak, set for best day since
April 14
* DBS Group at 7-week peak after bank retains quarterly
dividend
* Indonesia hits highest level since April 15
By Nikhil Subba
April 30 (Reuters) - Southeast Asian stock markets climbed
on Thursday as progress in the development of a COVID-19
treatment and higher oil prices spurred a rally.
Singapore shares .STI jumped as much as 2.3% to a near
two-week peak and led gains in the region, underpinned by a jump
in shares of DBS Group Holdings DBSM.SI .
Southeast Asia's biggest lender advanced 4.7% to a
seven-week peak after retaining its quarterly dividend, despite
a 29% drop in Q1 profit, even as banks across the world defer or
cut dividends to save cash. Falling infection rates and phased reopening of economies
around the globe have boosted appetite for equities this week,
with early results from a U.S government clinical trial showing
that Gilead Sciences Inc 's GILD.O experimental drug remdesivir
helped certain COVID-19 patients recover more quickly.
"The vaccine is incredibly positive news for the oil market
as it suggests a quicker recovery in global demand as oil
downstream sectors would be expected to fire up," Stephen Innes,
chief market strategist at AxiCorp, said in a note.
Oil prices rose on Thursday on signs the U.S. crude glut is
not growing as fast as expected and that gasoline demand
battered by COVID-19 restrictions is starting to pick up. O/R
Stocks in Indonesia .JKSE , the region's largest economy,
gained about 2.5% to hit their highest level since April 15.
West Java, Indonesia's most populous province, hopes to ease
coronavirus social distancing restrictions in some areas and
allow some factories to reopen as infections decline.
Information Technology company Metrodata Electronics
MTDL.JK rose nearly 7%, while Bank Central Asia BBCA.JK
climbed about 5.6%.
In Thailand, the energy sector drove the main stock index
.SETI 1.4% higher to a near eight-week peak.
Malaysian shares .KLSE gained more than 1%, helped by
Genting Malaysia's GENM.KL 3.4% rise and Petronas Chemicals
Group's PCGB.KL near 5% climb.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0340 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 2628.82 2574.73 2.10
Bangkok 1296.71 1282.68 1.09
Manila 5657.61 5643.97 0.24
Jakarta 4660.821 4567.323 2.05
Kuala Lumpur 1397.03 1380.3 1.21
Ho Chi Minh 769.11 767.21 0.25
Change so far in
2020
Market Current End 2019 Pct Move
Singapore 2628.82 3222.83 -18.43
Bangkok 1296.71 1579.84 -17.92
Manila 5657.61 7,815.26 -27.61
Jakarta 4660.821 6,299.54 -26.01
Kuala Lumpur 1397.03 1588.76 -12.07
Ho Chi Minh 769.11 960.99 -19.97