SE Asia Stocks-Philippine faces worst drop since Feb, energy shares hit

lunes 13 de octubre de 2014 01:13 GYT

BANGKOK, Oct 13 (Reuters) - Southeast Asian stock markets
fell on Monday as worries about global economic growth dented
sentiment across Asia and weak crude oil prices fuelled more
selling in energy-related shares.
    The Philippine main index slipped 2.0 percent, facing
its worst one-day drop since Feb. 4. Top losers included shares
of electricity producer Aboitiz Power Corp and Energy
Development Corp.
    Asian stocks slumped to seven-month lows on Monday while
crude oil prices were pinned near a four-year trough as
promising trade numbers out of China failed to cheer a market
still worried about faltering global growth. 
    "The U.S. market was down significantly last Friday and
that's one of the major drags," said April Lee-Tan,
vice-president and head of research at COL Financial Group Inc
in Manila. 
    "I think it's still a healthy correction. Everybody has been
saying the valuation of the market is a bit elevated," she said.
    The Philippine main index trades at an earnings multiple of
19.5, compared with a historical average of 15-16 times. It had
risen 19.3 percent so far this year, Southeast Asia's
second-best performer after Vietnam's 21.8 percent.
    Across the exchanges, Singapore-listed offshore and marine
firm Keppel Corp extended losses for a sixth session
to the lowest since September 2013 and Malaysia's Petronas Gas
 dropped 3.3 percent to the lowest since August.
    PTT, Thailand's biggest oil and energy firm, hit
the lowest since Sept. 30 and Indonesia's coal shares were among
 underperformers, with shares of Adro Energy down 4.6
percent to the lowest since April 23.
    In Bangkok, selling also hit bank stocks on
expectations of weak fourth-quarter earnings due to be released
over the next two weeks. Bangkok Bank fell 1 percent
and Siam Commercial Bank was down 0.6 percent.
    Broker Krungsri Securities said nine banks under its
coverage would post a 1 percent drop in average July-September
earnings from a quarter earlier due to weaker investment gains 
and slowing domestic economy during the quarter.
    The benchmark SET index was down 0.6 percent at
1,542.92. The trading range for the SET index is expected to be
between 1,540 and 1,560 on the day, said broker Phillip
    "Even though the Thai economy would get a boost from the
government's recently launched stimulus measures, we believe
much of the good news appears to have already been baked in,"
the broker said.
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 Change at 0444 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3199.56       3223.87       -0.75
 Kuala Lumpur       1803.71       1808.88       -0.29
 Bangkok            1542.92       1552.72       -0.63
 Jakarta            4931.74       4962.96       -0.63
 Manila             7024.10       7167.35       -2.00
 Ho Chi Minh         613.82        617.72       -0.63
 (Reporting by Viparat Jantraprap; Additional reporting by Neil
Jerome Morales in Manila; Editing by Anand Basu)