Most Southeast Asian stock markets fell on Wednesday in line with broader Asia, after oil prices sky-rocketed to an over 3-year high as President Donald Trump pulled the United States out of the Iran nuclear deal, while Indonesian shares surged.
MSCI's broadest index of Asia-Pacific shares outside Japan dipped as renewed US sanctions on Tehran could be disruptive for many companies that have deals with Iran. Oil prices rose as much as 2.8 percent, likely curbing Iran's crude exports in an already tight market.
"Asian markets are quite susceptible to foreign pressure because they are heavily dependent on oil," said Manny Cruz, an analyst at the Manila-based Asiasec Equities Inc. Indonesian shares erased early losses to end 2.3 percent higher, their biggest daily gain in a year. PT Unilever Indonesia rose 5.1 percent, while PT Bank Central Asia ended 4 percent higher.
An index of Indonesia's 45 most liquid stocks rose 3.7 percent. Among markets that fell, Philippines ended 0.3 percent lower, with financials leading falls. Security Bank Corp lost 4 percent.
The Philippine Statistics Authority released preliminary data earlier in the day, indicating that trade deficit for March had narrowed.
Singapore closed marginally higher. Keppel Corp, a holding company engaged in offshore oil rigging, ended 2.6 percent higher. Thai index slipped 0.1 percent, its lowest close in three weeks, with gains in energy stocks curbed by losses in telecom.
Natural gas suppliers PTT Public edged 1.8 percent higher, while telecom services provider Advanced Info Services shed 4.4 percent. Malaysia was closed for general elections.