SE Asia Stocks -Malaysia, Indonesia shares retreat on oil price concerns
BANGKOK, Dec 3 (Reuters) - Malaysian shares fell and the Indonesian benchmark snapped five days of gains on Wednesday amid concerns over the impact of declining global oil prices while stocks in Singapore eked out slim gains after a suspension of trading in the early hours. Kuala Lumpur's composite index lost 1.2 percent. It rebounded 0.4 percent on Tuesday amid technical-led buying after suffering the worst single-day loss in almost 23 months on Monday due to selloffs in oil and gas stocks. Shares of oil and gas firm Sapuracencana Petroleum and Petronas Chemicals Group led the losers. Broker Maybank Kim Eng Securities advised investors to sell, citing technical indicators, and as crude oil markets remained weak. Broker Affin Hwang Capital expected the market gain to be short-lived amid a fall in the ringgit. "Due to highly unfavourable anticipation of near term movement in ringgit, we anticipate that any rebound in the equity market might be short lived and hence trading will be limited to a very short term horizon," Affin said in a report. The ringgit hit a near five-year low as a rebound in oil failed to ease concerns over the impact of lower crude prices on the country, a net oil exporter and major palm oil producer. Jakarta's composite index edged down 0.3 percent, erasing some of the gains made in the preceding five trading days when the falling oil price helped ease concerns about fiscal and trade deficit of Indonesia. Shares of Indocement fell 1.8 percent after a rally on Tuesday to a more than four-month high and shares of Bank Mandiri eased 0.2 percent after three days of gains. "The falling oil price is currently good for Indonesia but will turn negative if oil price continue to fall and drag down the rest of commodity with it," said Maybank KimEng (Indonesia) in a report. Singapore's Straits Times Index traded a tad higher after bourse operator Singapore Exchange Ltd delayed the start of trading in securities due to a software defect. Stocks in Thailand and the Philippines were little changed and Vietnam advanced, led by banking shares. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0709 GMT Market Current Prev Close Pct Move Singapore 3324.61 3322.32 +0.07 Kuala Lumpur 1764.97 1785.97 -1.18 Bangkok 1595.01 1594.00 +0.06 Jakarta 5162.26 5175.79 -0.26 Manila 7350.41 7344.23 +0.08 Ho Chi Minh 575.95 569.43 +1.15 (Reporting by Viparat Jantraprap; Additional reporting by Fransiska Nangoy in Jakarta; Editing by Anupama Dwivedi)
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