SE Asia Stocks-Singapore down on weaker oil, Philippine stocks rebound
JAKARTA, May 3 (Reuters) - Southeast Asian stock markets traded mixed on Tuesday with the Singapore main index down on lower oil prices overnight, while the Philippines and Indonesia recovered from losses in the previous session. Singapore's Straits Times index fell 0.6 percent and Malaysian stocks lost 1.2 percent, reopening after a long weekend. Most Southeast Asian markets were closed on Monday to mark the May 1 Labour Day, which fell on Sunday. "The plunge in oil prices overnight, after OPEC reported a hike in output, may hold back gains in the oil and gas counters," KGI Fraser Research in Singapore said in a note on Tuesday. Oil prices fell about 3 percent on Monday as production from the Organization of the Petroleum Exporting Countries neared all-time peaks and record speculative buying in global benchmark Brent sparked profit-taking on last month's outsized rally. Singapore's oil rig firm Sembcorp Industries Ltd fell 1.7 percent. Meanwhile, the Philippine stock index rose 0.3 percent after posting its biggest daily loss in two months on Monday, while Indonesia's Jakarta Composite Index (JCI) rebounded 0.4 percent from its lowest closing level in three weeks. "The JCI has fallen by 2.2 percent since previous week's Monday amid plenty of disappointing results. We think a rebound is due," broker Trimegah Securities in Jakarta said. Indonesia is scheduled to release first-quarter GDP data on Wednesday. A Reuters poll showed first-quarter GDP inching up to 5.05 percent year-on-year, from 5.04 percent in the fourth quarter. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on 0428 GMT Market Current Prev Pct close change Singapore 2819.04 2838.52 -0.69 Kuala Lumpur 1651.39 1672.72 -1.28 Bangkok 1408.11 1404.61 0.25 Jakarta 4828.85 4808.32 0.43 Manila 7071.61 7053.88 0.25 (Reporting by Fransiska Nangoy; Editing by Biju Dwarakanath)
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