Southeast Asian markets: renewed oil jitters send some markets lower

Some Southeast Asian stock markets fell on Thursday, wary of growing unrest in Libya and after surprisingly weak Chinese trade data, but the climb in global oil prices boosted demand for selected energy stocks. Risk-averse investors stayed on the sidelines, pulling trading volume in most markets below the 30-day average, because of worries that high oil prices would add to inflation problems and put economic recovery in the region at risk.
Many Asian bourses fell as weak Chinese trade data added to growth fears, while investors were reminded about the euro zone's sovereign debt problems after Portugal saw its debt costs soar and Moody's downgraded Spain. The MSCI ex-Japan index was down 1.4 percent while emerging market stocks were 0.97 percent lower at 0909 GMT. In Bangkok, demand for upstream oil producers was generally good. The country's biggest oil and gas firm, PTT, and its exploration unit, PTT Exploration and Production, both edged up around 0.5 percent.
However, high oil prices, fuelling worries about global economic growth, hit commodity stocks, with Singapore-listed Noble Group among the worst hit, down 3.3 percent. Malaysia's IOI Corporation eased 0.5 percent. Thailand's Siam Commercial Bank and Kasikornbank climbed almost 1 percent as high interest rates boosted optimism about their profits. Several Thai banks have raised interest rates in line with a Bank of Thailand policy rate increase on Wednesday.
Broker Citi Investment Research and Analysis said Kasikornbank and Bangkok Bank were its top picks. On the positive side, Philippine shares rose for a sixth session, adding 0.8 percent to six-week highs, and Vietnam jumped 2.6 percent to its highest in almost three weeks. In Manila, shares in Metropolitan Bank & Trust Co (Metrobank), the Philippines' second biggest lender by assets, jumped 3.5 percent, after it reported a 39 percent rise in net income for 2010.