Reuters: Hot Stocks: STOCKS NEWS THAILAND-Energy shares fall after oil prices hit 18-month low

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STOCKS NEWS THAILAND-Energy shares fall after oil prices hit 18-month low Jun 21st 2012, 04:23 Thu Jun 21, 2012 12:23am EDT Shares in energy companies fell after global oil prices hit their lowest in 18 months on Wednesday. World oil prices tumbled more than 3 percent to their lowest in a year and a half, as data showed U.S. crude inventories unexpectedly swelled and investors were disappointed at measures the Federal Reserve announced to aid the economy. The broader energy index fell 1.15 percent, while the main Thai index was down 0.6 percent. Broker KTB (Thailand) recommended short-term speculative buy on energy shares including PTT Pcl, PTT Exploration and Production Pcl, PTT Global Chemical, Thai Oil Pcl, and Bangchak Petroleum Pcl. "The share prices in these companies were directly impacted by the weakening of oil prices in the global market last night," KTB said in a research note. "These losses will contribute to a stock loss in the second quarter's financial statement, which in turn will weaken the quarter's overall net profit. A factor that was not caused by core operation," the broker added. At 0400 GMT, PTT was down 1.51 percent, PTT Exploration and Production fell 1.17 percent, PTT Global Chemical lost 1.72 percent, while Thai Oil and Bangchak Petroleum were down 1.25 percent and 0.42 percent, respectively. (Reporting by Sinsiri Tiwutanond in Bangkok; sinsiri.tiwutanond@thomsonreuters.com) Link this Share this Digg this Email Reprints

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