The Philippine main index slipped on Thursday from the previous session's record closing high, while energy shares underperformed in Southeast Asia as investors cashed in for quick gains amid oil market volatility. Oil prices fell on Thursday, extending big losses logged in the previous session as record high inventories in the United States coupled with concern over global demand cut short a four-day rally.
The Philippine composite index ended down 0.5 percent at 7,674.24. It hit a record closing high of 7,716.06 on Wednesday. Energy Development Corp and First Gen Corp fell amid foreign-led selling, stock exchange data showed. In the region, losers and actively-traded stocks included Singapore's Keppel Corp, Malaysia's Tenaga Nasional Bhd, Thailand's PTT Exploration and Production Pcl and Indonesia's Perusahaan Gas Negara. In Jakarta, palm oil shares outperformed the broader market, led by a 3.5 percent jump in Astra Agro Lestari. Malaysian palm oil climbed almost 5 percent on Thursday, buoyed by hopes that top producer Indonesia's plan to increase biodiesel subsidies would make blending profitable.
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