SE Asia Stocks -Philippine stocks retreat; oil shares lead regional decline

jueves 27 de noviembre de 2014 03:30 GYT

BANGKOK, Nov 27 (Reuters) - Philippine shares retreated on
Thursday after data showed economic growth slowed sharply in the
third quarter while energy shares underperformed across
Southeast Asia as global oil prices continued falling.
    The Philippine composite index fell 1 percent to
7,280.46, coming off a more than six-month closing high of
7,356.59 hit on Wednesday.
    The Philippine economy expanded by 5.3 percent from the same
period last year, hit by a contraction in state spending and
weaker growth in all sectors. Economists polled by Reuters had
forecast annual growth of 6.6 percent. 
    The selling was broad based, with 22 out of 30 large cap
stocks on the key index declining. The top loser was SM Prime
Holdings, which dropped 4.6 percent, after its share
placement at a lower-than-market price. 
    Selling hit energy-related stocks across exchanges, with
brokers citing the OPEC meeting on Thursday as a market focus.
    Brent crude fell to a four-year low under $76.30 a barrel on
Thursday as it became increasingly unlikely that OPEC would cut
output in support of prices during a meeting in Austria. 
    "We believe OPEC won't cut production but will rather let
the oil trading market stabilize according to demand and
supply," strategists at Krungsri Securities in Bangkok wrote in
a report.
    Shares of Malaysia's Sapurakencana Petroleum 
slipped 4.7 percent, Thailand's top energy firm PTT 
fell almost 1 percent and Indonesia's Perusahaan Gas Negara
 traded down 1.2 percent.
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 Change at 0647 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3347.78       3349.66       -0.06
 Kuala Lumpur       1831.42       1842.17       -0.58
 Bangkok            1598.74       1591.00       +0.49
 Jakarta            5141.11       5133.03       +0.15
 Manila             7280.46       7356.59       -1.03
 Ho Chi Minh         570.87        576.04       -0.92
 (Reporting by Viparat Jantraprap; Editing by Anupama Dwivedi)