SE Asia Stocks-Most down; weak oil prices hit energy shares
BANGKOK, Nov 28 (Reuters) - Southeast Asian stock markets mostly drifted lower on Friday as a sharp fall in global oil prices dealt a blow to energy shares, but prospects of lower fuel costs lifted shares of airline companies. Energy stocks such as PTT and PTT Exploration and Production led the losers on the Thai stock market while rig builder Sembcorp Marine and palm plantation firm Astra Agro Lestari were among underperformers in the region. Brent crude held above $72 a barrel on Friday after hitting a new four year low earlier in the day after OPEC decided not to cut oil output to support prices. The oil market will remain oversupplied in 2015 with the growth of non-OPEC supply and OPEC natural gas liquids far outpacing global oil demand growth, Bangkok-based broker KT Zmico said in a report. Earnings growth for energy firms, especially of downstream and upstream operators, become less appealing when oil prices decline, it said. "The weak oil price is also a threat to upstream operator PTTEP, with 30 percent of its sales volume linked to liquid. Thus, its earnings growth will be diluted despite the larger sales volume," the broker said. Bangkok's SET Index edged down 0.3 percent, heading off a monthly gain of 0.9 percent. Jakarta's composite index eased 0.1 percent, but on track for a modest rise of 0.8 percent on the month. Other Southeast Asian stocks are set to post mixed performance in November, with Singapore poised to be an outperformer, up 2.6 percent, while worst performer Vietnam is set to fall 5.3 percent on the month. Airline stocks were among bright spots in the region thanks to expectations of a fall in fuel costs. Thai budget carrier Nok Airlines shot up 9 percent, Singapore Airlines jumped 2.7 percent and Malaysia's AirAsia surged 7 percent. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0811 GMT Market Current Prev Close Pct Move Singapore 3358.33 3340.96 +0.52 Kuala Lumpur 1820.84 1829.91 -0.50 Bangkok 1594.30 1599.82 -0.35 Jakarta 5137.21 5145.32 -0.16 Manila 7294.38 7265.34 +0.40 Ho Chi Minh 566.58 572.89 -1.10 (Reporting by Viparat Jantraprap; Editing by Biju Dwarakanath)
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