Reuters: Hot Stocks: STOCKS NEWS THAILAND-PTT Global Chemical hits 7-month low

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

STOCKS NEWS THAILAND-PTT Global Chemical hits 7-month low May 23rd 2012, 04:48 Wed May 23, 2012 12:48am EDT Shares in PTT Global Chemical Pcl dropped to a seven-month low as foreign investors sold refinery shares after a decline in crude prices, brokers said. The country's largest oil refiner fell as much as 3.7 percent to 58 baht, the lowest since Oct. 25. The broader energy index was down as much as 1.5 percent. "We believe refinery shares will be main foreign sales target as second quarter earnings will tend to drop dramatically quarter-on-quarter from stock losses on Dubai crude," Maybank Kim Eng Securities said in a research note. "At the end of first quarter...will see PTT Global Chemical likely lose the benefit from declining oil prices as petrochemical product prices normally move in line with oil prices, while gas feedstock will be flat in the short term," the broker added. Brent crude slipped around 0.4 percent on Wednesday as a potential deal between Iran and the U.N. nuclear watchdog eased fears of oil supply disruptions, while concerns over the debt crisis in the euro zone and a slowing Chinese economy weighed on demand. 1121 (0421 GMT) (Reporting by Sinsiri Tiwutanond in Bangkok; sinsiri.tiwutanond@thomsonreuters.com)

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions