SE Asia Stocks-Dive on global rout; oil shares lead

lunes 24 de agosto de 2015 03:18 GYT

BANGKOK, Aug 24 (Reuters) - Southeast Asian stock markets
dived on Monday as sell-off in global equities and currency
markets triggered a new round of selling, derailing
outperforming shares in the Philippines and Vietnam and
deepening losses in Indonesia.
    The Jakarta composite index shed 4.4 percent to a
more than 1-1/2 year low. The selloff took its loss from this
year's high in April to 25 percent, technically falling into a
bear market territory defined as a 20 percent decline or more
from recent highs.
    The Philippines' main index plunged 7.2 percent,
while Vietnam's key index dropped 5.6 percent, both
erasing all their gains for the year and turning into losses.
    Energy shares topped losers in the region as Brent and U.S.
crude futures hit fresh 6-1/2-year lows as investors fretted
that a slowing Chinese economy will lead to weaker demand amid a
global supply surplus. 
    Indonesia's Perusahaan Gas Negara and Philippine
Energy Development Corp both tumbled more than 10
    The Thai SET index was down 3.8 percent at a 1-1/2
year low. It was one of Asia's underperformers with a
year-to-date loss of about 12 percent after a bomb blast in
Bangkok last week fuelled more foreign outflows. 
    Thai energy firm PTT was 5.7 percent lower as
market worried over its earnings. 
    "More downgrades are very possible, especially with crude
prices threatening to remain low, and which will see heavy
weight energy and oil companies report inventory losses this
quarter," said strategists of SCB Securities in a report.
    Singapore's Straits Times Index was down 3.5
percent to a more than three-year low. Broker NRA Capital
expected further weakness in the market.
    "Those who were waiting for clearer signals will be tempted
to throw in the towel while potential bargain hunters will
likely remain sidelined, as the selling does not appear to have
bottomed," it said in a report.
    The Kuala Lumpur composite index slipped 1.8 percent
to over three-year low. The ringgit hit a fresh pre-peg
17-year low as sustained worries about China's economy dented
global risk appetite hitting sentiment in globally. 
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 Change at 0624 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          2868.42       2971.01       -3.46
 Kuala Lumpur       1546.74       1574.67       -1.77
 Bangkok            1313.18       1365.61       -3.84
 Jakarta            4146.38       4335.95       -4.37
 Manila             6754.74       7278.98       -7.20
 Ho Chi Minh         525.01        556.30       -5.62
 (Reporting by Viparat Jantraprap; Editing by xxxx)