SE Asia Stocks - Most weak as oil shares fall; airline stocks gain
BANGKOK, Dec 9 (Reuters) - Southeast Asian markets fell on Tuesday as energy shares extended losses after crude oil dived to new five-year lows but bargain-hunting emerged in shares of airlines, which are seen to benefit from lower oil prices. Oil and gas shares and commodities stocks led top losers on regional indexes, including Malaysia's Sapurakencana Petroleum , Singapore's Olam International, Thailand's PTT and Indonesia's Indo Tambangraya Megah. Oil dived 4 percent to new five-year lows on Monday, as Wall Street expectations of a deeper price slump next year and a Kuwaiti prediction for $65 crude set off one of the biggest declines this year. Kuala Lumpur's composite index hovered around a level last seen in September 2013, while Jakarta's composite index fell for a second session and the Philippine index eased 0.6 percent. Airline stocks outperformed, with Garuda Indonesia climbing for a third session to its highest since May 2013 and and Philippine Cebu Air rallying to its highest since May 2013. Shares of Singapore Airlines hit their highest since November 2011, climbing 1.6 percent, adding to a rally of almost 4 percent over the past five trading days. Singapore's Straits Times Index was up 1 percent, bucking the decline in the region. In Bangkok, consumer-related stocks including banks and property rose ahead of a cabinet meeting expected to announce short-term economic measures to boost domestic consumption. The broader SET index edged down 0.3 percent at 1,570.93, earlier slipping to 1,563.83, the lowest since Nov. 13. The index is expected to move between 1,560-1,585 for the day, said strategists at broker Phillip Securities. "A new round of economic stimulus measures on the cabinet's agenda today will be on the market's radar screen," they wrote in a report. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0408 GMT Market Current Prev Close Pct Move Singapore 3327.92 3297.84 +0.91 Kuala Lumpur 1737.27 1740.84 -0.21 Bangkok 1573.34 1575.55 -0.14 Jakarta 5135.50 5144.01 -0.17 Manila 7176.23 7230.56 -0.75 Ho Chi Minh 562.59 571.68 -1.59 (Reporting by Viparat Jantraprap; Editing by Sunil Nair)
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