Reuters: Hot Stocks: STOCKS NEWS THAILAND-Rayong Purifier jumps on Petron buy report

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STOCKS NEWS THAILAND-Rayong Purifier jumps on Petron buy report Apr 17th 2012, 05:49 Tue Apr 17, 2012 1:49am EDT Shares in Rayong Purifier Pcl surged 14 percent to 2.22 baht, the highest in almost four months, after a Thai newspaper quoted an energy industry source as saying the Philippines' largest oil refiner Petron Corp was interested in buying the Thai refiner. The deal was still in negotiation and an acquisition price might be based on Rayong's current book value of 2.91 baht ($0.09) per share, Tan Hoon newspaper said. Broker Globlex Securities rated the stock speculative buy, citing the report. Rayong Purifier shares were up 8.25 percent at 2.10 baht, with 65.9 million shares traded, 23.41 times the average full-day volume traded over the past 30 days. 1234 (0534 GMT) 11:53 STOCKS NEWS THAILAND-Ch Karnchang up on Lao power project Shares in Ch Karnchang Pcl CK.BK gained as much as 2.5 percent to a three-week high of 8.30 baht after the Thai builder signed a construction contract to build the Xayaburi hydroelectric power project in Laos worth a combined 74 billion baht ($2.4 billion). For the company statement, click The new construction job, which would last for 96 months, boded well for the company's revenue in the future. "It's a solid, large-scale project that comes on top of Ch Karnchang's current project backlog of around 40 billion baht," an analyst said. Ch Karnchang shares were up 1.2 percent at 8.2 baht, with 7.5 million shares traded, 0.97 times the average full-day volume traded over the past 30 days. 1140 (0440 GMT) 10:47 STOCKS NEWS THAILAND-Sahaviriya Steel surges on British plant Shares in steelmaker Sahaviriya Steel Industries Pcl SSI.BK jumped 6.7 percent to its highest in three weeks at 0.80 baht as it restarted its blast furnace in Teesside, Britain, after delays since December. Brokers expected the British plant to be profitable from the fourth quarter when it was fully operational. Broker Trinity Securities rated the stock hold, with a target price of 0.75 baht, on expectations that high staff costs at the British plant would weigh on the company's first-half earnings when the plant was running at low capacity. Sahaviriya's shares were up 5.3 percent at 0.79 baht and have gained 11.3 percent so far this year. 1032 (0332 GMT) ($1 = 30.82 baht) (Reporting by Viparat Jantraprap in Bangkok; Editing by Martin Petty) Link this Share this Digg this Email Reprints

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