SE Asia Stocks-Most down; weak oil prices hit energy shares

viernes 28 de noviembre de 2014 04:29 GYT

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.

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 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)