SE Asia Stocks-Mostly down on oil price jitters, Jakarta awaits fuel subsidy cut
JAKARTA, Nov 4 (Reuters) - Most Southeast Asian stock markets fell on Tuesday as energy-related stocks took a beating due to falling oil prices, while investors in Indonesia remained on the sidelines ahead of the fuel subsidy cut decision. Brent crude fell towards $84 a barrel on Tuesday, extending losses to a fourth session after top oil exporter Saudi Arabia cut prices to the United States. Drilling rig builders such as Singapore's Sembcorp Marine Ltd declined 2.7 percent, while Vietnam's Petrovietnam Drilling & Well Services Corp fell 0.5 percent. Malaysian stock index declined 0.4 percent as the ringgit dropped to a near nine-month low on concerns that the major crude palm oil exporter country will be hurt by falling oil prices. Singapore's FTSE Straits Times index fell 0.2 percent, ending its four-day rally, while the Philippines' main stock index posted a 0.4 decline, retreating from its five-week high. Asian stocks outside Japan fell about 0.1 percent. "Declines are seen in the energy sector, triggered by Saudi Arabia's plan to cut shipping cost to the U.S., while the supply is high there," said Jakarta-based BNI Securities in a note. Indonesia was slightly lower as investors wait for the fuel subsidy cut decision that will save the government nearly $13 billion next year. President Joko Widodo, who took office on Oct. 20, was expected to announce the fuel price hike earlier this month. "Absence of clear schedule on when the government will increase the price of subsidised fuel caused investors to wait and see," BNI Securities said. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change on at 0544 GMT Market Current Prev Close Pct Move Singapore 3283.09 3290.84 -0.24 Kuala Lumpur 1845.74 1853.34 -0.41 Bangkok 1581.98 1579.18 +0.18 Jakarta 5085.25 5085.51 -0.01 Manila 7281.89 7312.85 -0.42 Ho Chi Minh 601.62 603.15 -0.25 (Reporting by Fransiska Nangoy; Editing by Anand Basu)
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