Reuters: Hot Stocks: STOCKS NEWS THAILAND-Banks lead broader market higher

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STOCKS NEWS THAILAND-Banks lead broader market higher Jul 30th 2012, 09:01 Mon Jul 30, 2012 5:01am EDT Banking shares climbed to their highest in more than one week, outperforming the broader stock market, amid optimism about loan growth outlook, with the most actively traded Kasikornbank Pcl rising to an all time high. The bank subindex was up 2.04 percent. Kasikornbank Pcl gained as much as 3.6 percent to 172.5 baht while Siam Commercial Bank Pcl rose 2.6 percent to 157 baht, the highest since July 19. "Kbank is approaching a level that seems to be attractive in terms of valuation. There's also some short covering interest in the share. Overall, the sector has good fundamental," said Viwat Techapoonphol, senior strategist at broker Tisco Securities. Short selling in Kasikornbank shares over the past two sessions amounted to 768,900 shares and 375,600 shares, respectively, accounting for 9.95 percent and 11.77 percent of trading volumes on the main broad, stock exchange data showed. 1547 (0847 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 11:38 STOCKS NEWS THAILAND-Toyo-Thai Corp up on new US contract Shares in Toyo-Thai Corp Pcl TTCL.BK climbed to their highest in more than three months after the builder's consortium received a potential contract to build a chemicals plant in the United States for $120-$125 million. The construction period would be from the fourth quarter of 2012 to the third quarter of 2014, it said in a statement. For a company statement, click (Full Story) Toyo Thai shares rose 3.3 percent to 15.50 baht, their highest since April 12. It was up 30.5 percent for the year, outperforming the broader market .SETI which gained 15.8 percent. 1135 (0435 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 10:48 STOCKS NEWS THAILAND-Kasikorn cuts PTT Global Chemical target price Kasikorn Securities cut its target price for petrochemical firm PTT Global Chemical Pcl PTTGC.BK to 72 baht ($2.28) from 86 baht, while maintaining the 'outperform' rating, citing the impact of lower oil prices and higher feedstock prices on earnings. PTT Global Chemical shares were up 0.9 percent at 57.75 baht, falling 5.3 percent for the year and underperforming the broader market .SETI, which was up 15.5 percent. "Following our July 12 oil price changes, we lower our crude-oil-linked petrochemical prices. We also increase our ethane feedstock assumptions by an average of 7 percent to factor in our expectation of an inter-company feedstock adjustment," it said in a report. The broker expected an 82 percent fall in second quarter net profit to 1.5 billion baht, due to a correction in crude oil prices. The company is due to report the quarterly result by the middle of August. 1032 (0332 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 10:08 STOCKS NEWS THAILAND-CIMB lowers target for Precious Shipping CIMB Research cut its target price for Precious Shipping Pcl PSL.BK to 14.3 baht ($0.45) from 14.85 baht and downgraded its rating on the shipper to 'underperform' from 'neutral', citing weak earnings for the first six months and an earnings downgrade for the full year. Precious Shipping shares ended unchanged at 14.3 baht on Friday. The stock has fallen 11.7 percent so far this year, underperforming a 14.9 percent gain of the broader stock market .SETI. The company reported a net loss of 27.8 million baht for the first six months compared to last year's 510 million baht net profit. (Full Story) "We slash our EPS forecasts as we delay our fleet purchase assumptions and cut average rate forecasts on weak spot rates ... Spot handysize rates will likely hover around current low levels until end-2013," CIMB said in a report. 0949 (0249 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) Link this Share this Digg this Email Reprints

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