By Christina Martin
    May 26 (Reuters) - Southeast Asian stock markets were
subdued on Friday after an agreement by OPEC and allied partners
to extend existing supply curbs disappointed investors betting
on larger cuts, prompting a move away from riskier assets.
    The Organization of the Petroleum Exporting Countries and
some non-OPEC producers agreed to extend a pledge to cut
production to March 2018 but investors had expected a longer
and/or deeper supply cut.
    Crude oil plunged 5 percent following the announcement on
Thursday, and held its losses early on Friday.
    In Asia, MSCI's broadest index of Asia-Pacific shares
outside Japan fell 0.2 percent after closing at
a two-year high on Thursday.
    "Most of our [Southeast Asian] markets have a similar
structure in that energy and oil stocks are very big in terms of
market-cap contribution to the overall index calculation, so I
think the selling pressure in energy stocks is what is weighing
down the markets," said Rakpong Chaisuparakul, a strategist with
KGI Securities (Thailand). 
    Singapore shares fell as much as 0.5 percent, heading
for their first decline in four sessions, dragged down by
financials and industrials. 
    DBS Group dropped as much as 1.3 percent, while
Jardine Matheson Holdings Ltd fell up to 1.2 percent. 
    Malaysian shares were largely unchanged with
consumer cyclicals, healthcare and energy stocks weighing on the
index.
    Genting Malaysia Bhd dropped as much as 3.1
percent, while gas infrastructure and utilities company Petronas
Gas Bhd hit a one-week low. 
    Indonesian shares resumed trading following a
holiday and were slightly higher after three consecutive
sessions of falls. Telecoms and consumer staples were among the
leading gainers.
    Vietnamese shares inched up, buoyed by financials and
industrials, though gains were capped by losses in energy
stocks.
    "I think we have priced in a lot. Our prime minister is
going to the United States next week to meet with President
(Donald) Trump; that's something that the market is in part
looking forward to but also nervous about," said Fiachra Mac
Cana, head of research at Ho Chi Minh Securities.
    Trump will host Vietnamese Prime Minister Nguyen Xuan Phuc
at the White House on May 31 to discuss bilateral relations and
regional cooperation.
    
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SOUTHEAST ASIAN STOCK MARKETS: Change at 0455 GMT
    
  Market           Current       Previous Close  Pct Move
  Singapore        3228.06       3234.37         -0.20
  Bangkok          1571.8        1569.41         0.15
  Manila           7874.95       7871.65         0.04
  Jakarta          5715.169      5703.433        0.21
  Kuala Lumpur     1773.3        1773.96         -0.04
  Ho Chi Minh      742.69        741.91          0.11
                                                 
  Change on year                                 
  Market           Current       End 2016        Pct Move
  Singapore        3228.06       2880.76         12.06
  Bangkok          1571.8        1542.94         1.87
  Manila           7874.95       6840.64         15.12
  Jakarta          5715.169      5296.711        7.90
  Kuala Lumpur     1773.3        1641.73         8.01
  Ho Chi Minh      742.69        664.87          11.70
 
 (Reporting by Christina Martin in Bengaluru; Editing by
Subhranshu Sahu)