* Energy selling weighs on Indonesia, Thailand
* Singapore near 2-week lows; Olam slumps
By Viparat Jantraprap
BANGKOK, Sept 2 (Reuters) - Singapore shares fell 1 percent
on Wednesday while most other Southeast Asian stock markets
slid to their lowest in almost two weeks after energy and
resource shares came under selling pressure as oil continued to
fall.
Singapore's index .FTSTI earlier fell 1.4 percent to its
lowest since Aug. 21. Olam International (OLAM.SI) dropped 7.3
percent after a convertible bond planned by the commodities
firm triggered concern about share dilution.
Singapore Airport Terminal Services (SIAT.SI) lost 4.2
percent and Noble Group (NOBG.SI) was off 2.4 percent.
Losses in U.S. stocks triggered profit-taking, a dealer at
a brokerage firm in Singapore said.
"It's the big U.S. sell-off," the dealer said. "I guess the
market opened jittery ... but it recovered quite quickly."
Indonesia's index .JKSE dropped 1.8 percent to the lowest
level since Aug. 20 and the Philippine index .PSI fell 1.6
percent to the lowest level since Aug. 24.
Thailand .SETI ended flat, recouping an early 1 percent
loss to the lowest since Aug. 21, and Malaysia's index .KLSE
edged 0.3 percent lower.
A drop in Thai energy shares was in part due to several
trading ex-dividend, including leader PTT (PTT.BK), which fell
2.1 percent, and PTT Chemical PTTC.BK, which lost 1.5
percent.
But turnover in Bangkok was thin at $414 million and
dealers expected the market correction to be short-term.
"News flow around the globe on the macro side remains
positive, and we don't think the foreign pullout on the
"overpriced market with improved fundamentals" will be huge,"
said Rakpong Chaisuparakul, strategist at broker KGI
Securities.
In Jakarta, Bumi Resources (BUMI.JK) dropped 3.5 percent,
while gas distribution firm Perusahaan Gas Negara (PGAS.JK) and
International Nickel Indonesia (INCO.JK) each fell more than 2
percent.
In Kuala Lumpur, Genting (GENT.KL) fell 2.9 percent and
Sime Darby (SIME.KL) was down 0.7 percent. In Manila,
Philippine Long Distance Telephone (TEL.PS) lost 1.4 percent
and conglomerate Ayala Corp (AC.PS) dropped 2.4 percent.
Vietnam's stock markets were closed on Wednesday for
National Day, with trade to resume on Thursday.
(Additional reporting by Brenda Goh in Singapore;
