Mostly down on oil price jitters; Philippines down from 5-wk high

-A +A

JAKARTA (Nov 4): Most Southeast Asian stock markets fell on Tuesday as energy-related stocks took a beating due to falling oil prices, while investors in Indonesia remained on the sidelines ahead of the fuel subsidy cut decision.

    
Brent crude fell below $84 a barrel on Tuesday, extending losses to a fourth session after top oil exporter Saudi Arabia cut sales prices to the United States.    
    
Drilling rig builders such as Singapore's Sembcorp Marine Ltd declined 2.4 percent, while Vietnam's Petrovietnam Drilling & Well Services Corp fell 1.6 percent.
    
The Philippines' main stock index posted the biggest drop in the region of 1.2 percent, tumbling from a five-week high hit in the previous session.
    
"We had a positive opening but we succumbed to profit-taking late in the afternoon. We anticipated the market to benefit from spillover buying in Japan but a lot of people took profits," said Grace Cerdenia, analyst at brokerage firm 2Trade-Asia in Manila.
    
Malaysia eased 0.3 percent as the ringgit dropped to a near-nine-month low on concerns that the major crude palm oil exporter will be hurt by falling oil prices.
 
Singapore's FTSE Straits Times index fell 0.3 percent, ending a four-day rally.    
    
"Declines are seen in the energy sector, triggered by Saudi Arabia's plan to cut shipping cost to the U.S., while the supply is high there," said Jakarta-based BNI Securities in a note.
    
Indonesia closed 0.3 percent lower as investors awaited a fuel subsidy cut decision that will save the government nearly $13 billion next year. President Joko Widodo, who took office on Oct. 20, was expected to announce the fuel price hike earlier this month.
    
"Absence of clear schedule on when the government will increase the price of subsidised fuel caused investors to wait and see," BNI Securities said.
    
Bucking the trend, stocks in Bangkok rose 0.4 percent.
    
SOUTHEAST ASIAN STOCK MARKETS
 Change on day
 Market             Current     Prev Close    Pct Move
 Singapore          3281.57       3290.84       -0.28
 Kuala Lumpur       1847.36       1853.34       -0.32
 Bangkok            1585.15       1579.18       +0.38
 Jakarta            5070.94       5085.51       -0.29
 Manila             7222.01       7312.85       -1.24
 Ho Chi Minh         598.39        603.15       -0.79
 
 Change on year
 Market             Current       End 2013    Pct Move
 Singapore          3281.57       3167.43       +3.60
 Kuala Lumpur       1847.36       1866.96       -1.04
 Bangkok            1585.15       1298.71       +22.1
 Jakarta            5070.94       4274.18       +18.6
 Manila             7222.01       5889.83       +22.6
 Ho Chi Minh         598.39        504.63       +18.6