Reuters: Hot Stocks: STOCKS NEWS THAILAND-Refiners underperform amid Q2 profit concerns

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STOCKS NEWS THAILAND-Refiners underperform amid Q2 profit concerns Jun 13th 2012, 08:42 Wed Jun 13, 2012 4:42am EDT Shares in refiners fell, led by the biggest Thai Oil Pcl and PTT Global Chemical Pcl, on concerns over the impact of falling oil prices on their earnings for the April-June quarter. Thai Oil shares fell 3.3 percent to 59.5 baht while PTT Global shares dropped 3.4 percent to 57.25 baht, underperforming the energy subindex and the broader stock market , which were down 1 percent and 0.2 percent respectively. "In the second quarter, refinery sector earnings are likely to be dragged down by a sharp fall in oil prices. Monthly average Dubai crude oil prices have kept falling every month since end-March," broker Phillip Securities said in a report. The broker, which rated refiners at 'neutral', said the weakening earnings outlook had already been priced in by the market. 1529 (0829 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 12:01 STOCKS NEWS THAILAND: Banks up on rate outlook, loan demand Banking stocks gained as much as 1.2 percent to a nearly one-month high on expectations the central bank would keep policy interest rates unchanged in a review later in the day, led by rallies of more than 2 percent by Kasikornbank Pcl KBAN.BK. The banking subindex .SETB was up 0.3 percent at 442.29, climbing at one point to 446.21, its highest level since May 17. Shares in Kasikornbank, which are expected to outperform industry fuelled by demand for large loans, rose 1.6 percent, having hit a high of 159.5 baht. The Bank of Thailand is expected to leave interest rates unchanged for a third consecutive meeting on Wednesday and perhaps all year, to help the economy recover from last year's floods. The rate decision is due around 0730 GMT. (Full Story) "We expect MPC to keep rate at 3 percent ... It should be positive in helping ease interest cost of commercial banks now that they are raising funds via deposits to meet rising demand for loans," said broker Kiatnakin Securities in a report. The broker said it had an 'overweight' rating on banking shares. Kasikornbank was among its top picks, with a target price of 175 baht. 1139 (0439 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) Link this Share this Digg this Email Reprints

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