SE Asia Stocks-Dive on global rout; oil shares lead
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 percent. 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. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS 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)
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