Malaysia, Singapore fall on weak oil prices

-A +A

BANGKOK (Dec 1): Malaysia's key stock index marked the worst drop in almost 23 months and Singapore's benchmark posted the biggest fall since mid-October on Monday as oil and gas stocks tumbled amid a fall in global oil prices to a five-year low.

Kuala Lumpur's composite index, which measures moves of 30 large-cap stocks, closed down 2.3 percent, its biggest single day loss since January 21, 2013. Shares of Sapurakencana Petroleum plunged 10 percent, the worst performer.

A capital expenditure cut plan by Malaysia's state oil firm Petroliam Nasional (Petronas) worried investors about earnings outlook of oil and gas services firms that rely on Petronas's contracts, analysts said.
In Singapore, late selling sent the Straits Times Index 1.3 percent lower at a two-week closing low of
3,305.64. Oil rig builder Sembcorp Marine slipped 5.8 percent and Keppel Corporation was down 4.9 percent.
In Bangkok, shares of the country's top energy firm PTT was down 4.9 percent, the worst since October 2011,
sending the SET index into negative territory. Indonesia's coal miner Bumi Resources fell 5.8 percent, trimming gains of the Jakarta composite index.

 Change on day
 Market             Current     Prev Close    Pct Move
 Singapore          3305.64       3350.50       -1.34
 Kuala Lumpur       1778.27       1820.89       -2.34
 Bangkok            1593.82       1593.91       -0.01
 Jakarta            5164.29       5149.88       +0.28
 Manila             7331.73       7294.38       +0.51
 Ho Chi Minh         568.01        566.58       +0.25
 Change on year
 Market             Current       End 2013    Pct Move
 Singapore          3305.64       3167.43       +4.36
 Kuala Lumpur       1778.27       1866.96       -4.75
 Bangkok            1593.82       1298.71      +22.72
 Jakarta            5164.29       4274.18      +20.83
 Manila             7331.73       5889.83      +24.48
 Ho Chi Minh         568.01        504.63      +12.56