SE Asia Stocks-Fall on jitters over China, weak oil prices
BANGKOK, Jan 11 (Reuters) - Southeast Asian stock markets fell in line with Asia on Monday, with the Philippine index sliding almost 4 percent and the Singapore benchmark off more than 2 percent, as jitters over China and a drop in global oil prices fuelled risk-averse selling. The Philippine composite index was 3.6 percent lower at 6,337.83, with all 30 large-cap stocks measured by the index down, after falling as much as 3.8 percent earlier in the day. The index is expected to continue its downturn to test 6,300 and 6,000 levels, reflecting external and domestic risks, said Nisha Alicer, head of analysts at DA Market Securities Inc in Manila. "We carried over concerns of 2015, if not worsening of those concerns. We are looking at more than one U.S. Fed hike and China continues to be a mystery," she said. "On the local front, although we think that the Philippines is still very resilient, we are still dealing with some uncertainties, particularly election outcome and slowing growth." Singapore's key Straits Times Index was down 1.9 percent. Shares of rig builders were among top losers amid the weak oil market. Sembcorp Marine Ltd slumped 4.6 percent. A fall in China stocks due to concerns over deflationary risks, added downward pressures to the regional stock markets, brokers said. In Bangkok, the SET index traded down 1 percent, with shares of top oil and gas firm PTT almost 3 percent lower. "In our view, the market will fluctuate for a while, as Chinese jitters remain, and offset the positive from the low valuations of the SET," said broker KGI Securities in a report. Indonesia's stock index hit a three-week low, led by Bank Rakyat Indonesia and Telkom Indonesia due to foreign selling. Malaysia traded near its three-week low and Vietnam was slightly down after early gains. Asian shares as measured by MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.6 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0459 GMT Market Current Prev Close Pct Move Singapore 2697.70 2751.23 -1.96 Kuala Lumpur 1645.13 1657.61 -0.75 Bangkok 1233.68 1244.18 -0.86 Jakarta 4470.19 4546.29 -1.67 Manila 6337.83 6575.43 -3.61 Ho Chi Minh 559.69 560.05 -0.06 (Reporting by Viparat Jantraprap in Bangkok and Neil Jerome Morales in Manila; Editing by Subhranshu Sahu)
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