SE Asia Stocks - Malaysia at 15-month low; poised for technical rebound

jueves 4 de diciembre de 2014 01:46 GYT

BANGKOK, Dec 4 (Reuters) - Malaysian shares hit a 15-month
low on Thursday as the ringgit extended losses amid concerns
over the impact of declining oil prices. 
    Most other Southeast Asian indexes edged higher in line with
Asian stocks amid optimism about the U.S. economy. 
    The Kuala Lumpur composite index was down 0.3
percent at 1,752.86, having earlier hit 1,743.62, its lowest
since September 2013.
    The fall sent the index into oversold territory, with its
14-day Relative Strength Index (RSI) slipping to 29.78. A level
of 30 or lower indicates an oversold market.
    Technical indicators pointed to a rebound in the near term
but any strong gain would be capped by the weakness in the
ringgit, broker Affin Hwang Capital said in a report.
    The ringgit lost 0.2 percent to 3.4470 per dollar.
    Shares of Tenaga Nasional and Kuala Lumpur Kepong
 were among the underperformers while shares of
Petronas Chemicals Group jumped 3.6 percent to 5.49
ringgit after a 6 percent drop in the preceding three days.
    Broker Maybank IB Research upgraded Petronas Chemicals Group
to 'buy' from 'hold', citing the stock's low valuations.
    "We think current level is a good buying opportunity, as the
blanket de-rating of the oil and gas sector overshadows many of
PCHEM's attributes," it said in a report.
    Singapore's Straits Times Index was up 0.3 percent
after a 0.6 percent loss on Wednesday.
    Shares of CapitaLand rose 0.3 percent after its
unit acquired property in Jakarta, while weak sentiment on oil
and gas related stocks continued to hit shares such as Keppel
    Jakarta edged up 0.2 percent, with lower oil prices
helping ease concerns over the country's fiscal and trade
    A central bank official said Indonesia's current account
deficit is expected to fall below 3 percent of gross domestic
product this year due to a sharp drop in global oil markets and
last month's hike in domestic subsidised fuel prices.
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 Change at 0519 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3312.84       3303.39       +0.29
 Kuala Lumpur       1752.86       1758.15       -0.30
 Bangkok            1595.77       1594.58       +0.07
 Jakarta            5175.84       5166.04       +0.19 
 Manila             7339.36       7360.75       -0.29
 Ho Chi Minh         579.92        574.88       +0.88
 (1 US dollar = 32.8900 Thai baht)

 (Reporting by Viparat Jantraprap; Editing by Sunil Nair)