SINGAPORE, Aug 16 (Reuters) - Southeast Asian stocks fell to multi-month lows during early trade on Thursday, extending losses from the previous day, after Wall Street tumbled on renewed investor concerns over global credit markets.

Singapore's Straits Times Index fell 4.94 percent, the biggest single-day decline in almost six years, to a five-month low of 3,111.49 points. By 0343 GMT, the key index recovered to 3,130.65 points, down 4.36 percent from the previous close.

The STI has lost about 15 percent since hitting a record high of 3,688.58 points on July 16, but is still up 4.9 percent since the start of the year.

Elsewhere in the region, Jakarta stocks fell 5.34 percent to a four-month low, led by losses in telecom and bank stocks as the market shrugged off better-than-expected GDP data announced on Wednesday.

Shares in Kuala Lumpur were down 3.34 percent, their lowest level in five months. Philippine stocks fell 4.94 percent to a seven-month low, and Thai shares slipped 3.86 percent. Vietnam's key index slid 1.65 percent.

"The market is not just looking at the U.S subprime's direct impact, but factoring in the indirect effects as well, which is slower U.S. growth and how it will affect Asian economies," UOB Kay Hian analyst Leng Seng Choon said.

U.S. stocks declined sharply on Wednesday after shares of Countrywide Financial , the largest U.S. mortgage lender, plunged on a brokerage downgrade and on rumours that it was having trouble raising money.

"That's what the market is pricing in right now," Leng said.

In Singapore, banks led losses with DBS Group Holdings , Southeast Asia's biggest lender, down 5 percent. United Overseas Bank , Singapore's second-largest bank, and Oversea-Chinese Banking Corp. both slid 4.8 percent.

Indonesian stocks fell even though government data on Wednesday showed that the economy was on track to post its strongest growth in 11 years.

The country's top telecom firm Telekomunikasi Indonesia fell 4.4 percent, while lenders Bank Mandiri and Bank Central Asia lost 6.0 percent and 3.6 percent, respectively.