Reuters: Hot Stocks: STOCKS NEWS THAILAND-PTTEP near 2-month lows after Q2 disappointment

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STOCKS NEWS THAILAND-PTTEP near 2-month lows after Q2 disappointment Jul 24th 2012, 04:00 Tue Jul 24, 2012 12:00am EDT Shares in Thailand's top oil and gas explorer PTT Exploration and Production Pcl (PTTEP) fell to their lowest in almost two months after the company missed market expectations with a 31 percent fall in quarterly net profit. PTTEP shares were down 0.63 percent at 156.5 baht ($4.92), having hit 155 baht earlier, the lowest since June 1. The broader stock market was up 0.32 percent. "The weaker than expected result was mainly due to non-recurring expenses. In the near term, the share price weakness should be due to the weak results and its capital raising plan," broker Globlex Securities said in a research note. The broker rated the stock 'buy', with target price of 173 baht, saying the second quarter results should be the worst quarterly result for the energy firm this year and that it expected better earnings in the third quarter. (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)

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