Reuters: Hot Stocks: STOCKS NEWS THAILAND-Miner Banpu advances on sales projection

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STOCKS NEWS THAILAND-Miner Banpu advances on sales projection May 24th 2012, 04:09 Thu May 24, 2012 12:09am EDT Shares in the country's biggest coal miner, Banpu Pcl , gained more than 3 percent after the company said it was confident of meeting its 2012 sales target and expected to retain a margin of 48 percent. Banpu shares have dropped nearly 30 percent in the past three months, hovering around a 2 1/2 year low early this week, amid concerns a drop in global coal prices could affect the company's earnings. "The falling coal price was a negative factor but we think the weakness in the stock was over-discounted and it's now a buying opportunity," said Viwat Techapoonphol, a strategist at Tisco Securities. Banpu shares have been on a downward trend partly due to widespread short-selling in market big caps, Viwat added. By 0400 GMT, the stock was trading up 1.29 percent at 470 baht, climbing at one point to 480 baht. For the company statement, click 1027 (0327 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.52 baht) Link this Share this Digg this Email Reprints

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