Australia Stocks: Commonwealth, Goodman, GPT Group, Woodside

By Malcolm Scott

Oct. 27 (Bloomberg) -- The S&P/ASX 200 Index fell 67.9 points, or 1.8 percent, to 3,801.50, the lowest since November 2004. The S&P/ASX 200 Index futures contract due in December slipped 1.6 percent to 3,817. The following stocks rose or fell:

Oil companies: Crude oil tumbled to a 16-month low as OPEC's decision to slash production by 1.5 million barrels a day failed to ease concern that the global economic slump is curbing fuel demand. Oil for December delivery fell 5.4 percent to $64.15 a barrel, the lowest since May 31, 2007.

Woodside Petroleum Ltd. (WPL AU), Australia's second biggest oil producer, lost A$1.49, or 3.8 percent, to A$37.72.

U.S.-related stocks: Stocks in the U.S. fell after a sell- off in Asian and European markets heightened concern the financial crisis is plunging the world's economy into a recession.

The S&P 500 sank 31.34 points, or 3.5 percent, to 876.77 after losing as much as 6.1 percent during the day.

Westfield Group (WDC AU), the world's biggest shopping mall owner by market value, lost 10 cents, or 0.8 percent, to A$13.24.

James Hardie Industries NV (JHX AU), the biggest seller of home siding in the U.S., lost 7 cents, or 1.6 percent, to A$4.39.

Commonwealth Bank of Australia (CBA AU), the nation's biggest mortgage lender, lost A$1.12, or 2.7 percent, to A$39.75. The company is planning to save A$370 million ($229 million) by cutting costs, including firing workers, the Australian newspaper reported.

GPT Group (GPT AU), an Australian real estate investment trust, tumbled 49 cents, or 42 percent, to 66 cents. The company sold A$1 billion ($620 million) in a rights offer to institutional investors at a 48 percent discount to the last traded share price of A$1.15 to repay debt amid falling property values.

Perpetual Ltd. (PPT AU), an asset manager, lost A$1.50, or 3.5 percent, to A$41.50. The company aims to lift a block on redemptions from its income and mortgage funds as soon as possible, the head of the Australian fund manager told the Australian Broadcasting Corp. in an interview.

To contact the reporter on this story: Malcolm Scott in Sydney at Mscott23@bloomberg.net.