Thailand at six-month low, leads Southeast Asia falls

Thailand's stock index led Southeast Asia's falls on Monday, dropping to its lowest close since June as energy stocks dragged down the overall market due to concern over oil's decline. Thai stocks fell more than 9 percent on Monday, before recovering some of the losses to finish down 2.4 percent, its lowest close since June 26. An analyst in Bangkok said there was panic selling after the index broke the support level of 1,500, due to falling energy stocks, which make up 30 percent by weight.
PTT Plc, the country's largest energy company, fell 4.9 percent. Brent crude hit a fresh five-year low close to $60 a barrel on Monday after oil exporter group Opec said on Sunday it will not cut oil output despite high supply. Malaysian stocks fell 2.1 percent, while in Indonesia, the main stock index fell 1 percent to a three-week low after the rupiah hit its weakest since August 1998. The Philippines bucked the trend, rising 0.7 percent.