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.

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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)