SE Asia Stocks -Singapore shares lead regional decline

BANGKOK, Jan 16 (Reuters) - Southeast Asian shares fell on

Friday amid turbulence in the foreign exchange market after

Switzerland's move to remove its currency cap, with Singapore's

key index sliding to a more than one-week low and others

retreating from the previous day's rebound.

Asian shares stepped back and major currencies mostly stuck

to late U.S. levels after Switzerland's unexpected move to

abandon its currency cap jolted markets already roiled by

plunging commodities prices.

Singapore's Straits Times Index was down 1.1

percent at 3,301.90, after falling to 3,292.42, the lowest since

Jan. 7. It is heading for a weekly loss of about 1 percent, a

second straight week of decline.

Shares of commodity trader Noble Group fell as

much as 5.9 percent to its lowest since early March, 2014,

tracking weakness in the commodities market.

A dramatic rise in the value of the Swiss franc has sent

costs soaring for the country's commodity trading houses.

Geneva, Switzerland is one of Noble Group's regional

hubs.

Jakarta's composite index was slightly weaker, set

for a modest weekly loss.

Investors sold recent gainers such as Bank Negara Indonesia

. Broker Trimegah Securities said it expected the

bank's earnings results, due later in the month, to outperform

expectations.

Battered energy shares such as Perusahaan Gas Negara

rebounded as oil prices edged up in early Asian

trading on Friday, benefiting from positive technical price

momentum.

"Oil price continues to fall, which is positive for

Indonesia, being a net importer," Trimegah Securities said in a

report.

Bargain-hunting lifted recently beaten-down energy related

stocks across exchanges, including Thailand's top energy firm

PTT and Malaysia's Sapurakencana Petroleum.

Malaysia's index was down 0.2 percent after a modest

0.3 percent rise on Thursday, trimming its gain on the week to

0.4 percent.

The Thai index eased 0.06 percent after ending a tad

higher on the previous day, on course for a 0.6 percent weekly

decline.

Vietnam edged down 0.3 percent, poised for about a 1

percent advance on the week.

The Philippine stock market was closed on Thursday and

Friday for the visit of Pope Francis to Asia's most populous

Catholic country.

The Philippine main index hit a record closing high

on Wednesday at 7,490.88, ending the shortened trading week 1.2

percent higher.

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SOUTHEAST ASIAN STOCK MARKETS

Change at 0408 GMT

Market Current Prev Close Pct Move

Singapore 3301.90 3338.84 -1.11

Kuala Lumpur 174.551 1745.00 -0.20

Bangkok 1522.47 1523.38 -0.06

Jakarta 5191.35 5188.71 -0.05

Ho Chi Minh 576.27 577.74 -0.25

(Reporting by Viparat Jantraprap; Additional reporting by

Singapore bureau; Editing by Anupama Dwivedi)