* Indonesia recovers a little after 5 pct loss; sees $145 mln outflows
* Manila sees $38.4 mln foreign inflows despite the gloom
* Jakarta, Singapore, Malaysia see heavy volume
By Shihar Aneez
COLOMBO, Aug 8 (Reuters) - Southeast Asian stock markets fell on Monday in active trade, led by Singapore, on concern about the global economic outlook after Standard & Poor's downgraded the credit rating of the United States.
Singapore ended 3.7 percent weaker at a 13-month closing low, recovering only a little from a 4.9 percent fall at one stage, while Indonesia closed 1.8 percent lower after tumbling as much as 5.2 percent.
Malaysia ended 1.8 percent down and Thailand fell 1.4 percent.
"Investors are not sure what this downgrade really means to the United States and the global economy," said Song Seng Wun, a Singapore-based regional economist at CIMB-GK Research.
"Investors have gone defensive and may stay only in limited, very liquid large caps that could give them some degree of comfort, so that they can flee any time. Today we see selling across the board rather than being selective."
Trading volumes in Singapore and Malaysia were more than double their 30-day average, and Jakarta saw a 1.65 times its average.
Analysts said commodity companies could be worst hit due to fears of a global recession.
"Commodities tend to feel the heat most while financials, telcos, REITs and consumer staples are some sectors that should hold up better," CIMB Thailand said in a market note.
"We expect Telkom Malaysia , Maybank , DBS , Ascendas Reit , Gudang Garam , DTAC (Total Access Communications) , Thai Union Frozen and AOT (Airports of Thailand) to weather these near-term volatile market conditions better."
Thailand's top oil firm, PTT , and affiliate PTT Chemical fell 2.4 percent and 1.6 percent respectively while Indonesia's top miner, Bumi Resources, slumped 5.1 percent.
Despite the gloom and risk aversion, the Philippines saw a net foreign inflow of $38.4 million, but offshore investors offloaded $144.8 million of shares in Indonesia and Thailand saw an outflow of about $178 million, according to bourse data.
"This is the time to turn to fundamental valuations ... There are a handful of undervalued blue chip stocks that are promising for a higher gain in the future," Said Yasmin Soulisa, an analyst at Jakarta-based Analyst Bapindo Bumi Sekuritas.
The Singapore market fell in strong volume ahead of a national holiday on Tuesday, with many investors preferring to cut risky positions since they would be unable to do so on Tuesday if the global jitters got worse.
Singapore-based Najeeb Jarhom, head of research at AmFraser Securities, said in a note that support on the main Singapore index had failed to hold at 2,920 and the next support level was at 2,875. The index closed at 2,884 on Monday.
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SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move Singapore 2884.00 2994.78 -3.70 Kuala Lumpur 1496.99 1524.43 -1.80 Bangkok 1078.19 1093.38 -1.39 Jakarta 3850.27 3921.64 -1.82 Manila 4331.24 4437.55 -2.40 Hanoi 396.41 400.88 -1.12 Change on year Market Current End prev yr Pct Move Singapore 2884.00 3190.04 -9.59 Kuala Lumpur 1496.99 1518.91 -1.44 Bangkok 1078.19 1032.76 +4.40 Jakarta 3850.27 3703.51 +3.96 Manila 4331.24 4201.14 +3.10 Hanoi 396.41 484.66 -18.21 Stock Market Volume (shares) Market Current Volume Average Volume 30 days Singapore 774,986,400 322,971,733 Kuala Lumpur 313,998,900 132,920,543 Bangkok 4,969,050 5,195,081 Jakarta 7,901,740,500 4,775,810,383 Manila 512,946 537,055 Hanoi 24,718 26,106
ASIA-PACIFIC STOCK MARKETS: Pan-Asia..... Japan....... S.Korea... S.E. Asia.... Hong Kong... Taiwan.... Australia/NZ. India....... China..... OTHER MARKETS: Wall Street. Gold ....... Currency.. Eurostocks.. Oil ........ JP bonds... ADR Report .. LME metals. US bonds.. Stocks News US. Stocks News Europe DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Singapore diary Wall Street Week Ahead Eurostocks Week Ahead TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Banking news Tech,Media,Telecoms Politics/General news Asia Macro data A multimedia version of Reuters Top News is available at: topnews.session.rservices.com LIVE PRICES & DATA: World Stocks <0#.INDEX> Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt <0#USBMK=> Local currency LME price overview (Additional reporting by Viparat Jantraprap in Bangkok and Andjarsari Paramaditha in Jakarta; Editing by Alan Raybould)