SE Asia Stocks-Mostly down on oil price jitters, Jakarta awaits fuel subsidy cut

martes 4 de noviembre de 2014 02:47 GYT

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.
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 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)