Reuters: Hot Stocks: STOCKS NEWS THAILAND-Thai stocks advance; court ruling eases concerns

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STOCKS NEWS THAILAND-Thai stocks advance; court ruling eases concerns Jul 13th 2012, 09:40 Fri Jul 13, 2012 5:40am EDT Thailand's benchmark SET index rose 1.61 percent to a two-month high after a court dismissed petitions against the government's proposed constitutional changes which analysts said helped ease concerns about domestic political uncertainty. The SET index touched a high of 1212.66, the highest since May 9. Trading volume was relatively thin, suggesting investors were still staying on the sidelines. Market turnover was 0.61 times the average full-day volume in the last 30 days. Thailand's Constitutional Court said a referendum was necessary to decide whether the government could go ahead with the constitutional changes. "The court's decision today appeared to be the best case scenario for the market, so, there's a bit of a positive reaction. But the focus will be more on market fundamentals to support a further rally," Bangkok-based Kornvut Leenabanchong, the chief investment officer of UOB Asset Management, told Reuters. The index fell 1.3 percent on Thursday, partly because investors were cautious ahead of the court ruling. 1620 (0920 GMT) (Reporting by Satawasin Staporncharnchai and Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 14:39 STOCKS NEWS THAILAND: Bualuang raises target for Tisco; shares hit 1-week high Bualuang Securities raised Tisco Financial Group Pcl's TISCO.BK target price by 7 percent to 46 baht ($1.45) per share and upgraded the earnings projection for the full year, following a management guidance on strong loan growth in the second half. The broker upgraded its stock rating to 'buy' from 'hold'. At the midsession break of 0530 GMT, Tisco shares were up 0.7 percent at 38.25 baht, climbing at one point to 38.75 baht, the highest in more than one week. Tisco posted a 6.6 percent rise in April-June quarter net profit on higher interest income and strong loan growth. The company raised its 2012 loan growth target to 20 percent after a 13.5 percent loan growth in the first half, the broker said. "We have upgraded our TISCO 2012-13 earnings projections by 3 percent and 10 percent, respectively," it said in a report. "However, we have raised our 2012 loan loss provision assumption by 12 percent to 1.4 billion baht, which reflects write-offs related to the fourth quarter flooding and provisioning against the possibility of Sahaviriya Steel Industry's loan failing to perform," it said. The broker said Tisco's lending to Sahaviriya was 4 billion baht ($125.73 million) -- a portion of a syndicated loan that financed Sahaviriya's purchase of a billet plant in Britain. 1418 (0718 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.815 baht) Link this Share this Digg this Email Reprints

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