Reuters: Hot Stocks: STOCKS NEWS THAILAND-Bangkok Bank trims losses after fund raising denial

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STOCKS NEWS THAILAND-Bangkok Bank trims losses after fund raising denial Oct 26th 2012, 09:00 Fri Oct 26, 2012 5:00am EDT Shares of Bangkok Bank regained some ground lost earlier in the day after it denied market rumours that it was considering a plan to raise fresh capital, saying it had a strong capital base. Bangkok Bank shares were down 0.28 percent at 175.5 baht, losing almost 1 percent at one point. The biggest lender by assets has fallen 7.2 percent so far this week after reporting a lower-than-expected rise in third-quarter net profit, underperforming a 2.8 percent loss of the banking subindex. 1547 (0847 GMT) (Reporting by Viparat Jantraprap in Bangkok; Editing by Jijo Jacob; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 12:36 STOCKS NEWS THAILAND-Telecom shares fall on 3G probe worries Shares in telecom firms fell after newspapers reported that the national anti-corruption board will investigate the alleged price collusion and violation of the state procurement law in the 3G spectrum auction, spurring concerns about possible delays of 3G projects. Market leader Advanced Info Service ADVA.BK dropped 2.5 percent to 198 baht, the lowest in more than a week. The second-ranked Total Access Communication DTAC.BK lost 2 percent to 87.75 baht while smaller rival True Corp TRUE.BK was down 2.7 percent at 5.35 baht. The broader SET index .SETI fell 1.3 percent. The National Anti-Corruption Commission (NACC) has set up a sub-committee to probe the 11-member National Broadcasting and Telecommunications Commission (NBTC), which held a 3G licence auction on Oct. 16, the Bangkok Post reported. "This legal hurdle is a psychological hit for the sector and will be an overhang in the near term," said a telecoms analyst at broker Kiatnakin Securities. 1222 (0522 GMT) For related story, click (Full Story) (Reporting by Viparat Jantraprap in Bangkok; Editing by Jijo Jacob; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 11:02 STOCKS NEWS THAILAND-Citi upgrades PTT Global Chemical citing low valuations Citigroup upgraded PTT Global Chemical Pcl PTTGC.BK to 'buy' from 'neutral' and raised its target price to 72 baht from 60 baht, citing low valuations and good near-term earnings outlook. PTTGC shares were down 1.3 percent to 58.25 baht. They fell 11.1 percent since mid August, underperforming a 2.4 percent loss of the energy sector .SETEN, following a new gas contract with its parent PTT PTT.BK which resulted in higher gas costs. PTTGC's 2013 estimated P/E was at 8.4 times, representing 34 percent, 19 percent and 36 percent discounts to Asian chemical peers, Asian refining peers, and global chemical peers respectively, Citi said in a report dated Oct. 25. Near term catalysts for PTTGC included strong refinery margins and additional mono ethylene glycol (MEG) capacity, it said. "We still expect strong refining margins led by resilient middle distillate demand to support PTTGC's earnings in the next 6 months. Ethylene cycle should have bottomed out but meaningful recovery should arrive in the second half of 2013," it said. 1040 (0340 GMT) (Reporting by Viparat Jantraprap in Bangkok; Editing by Anupama Dwivedi; viparat.jantraprapaweth@thomsonreuters.com) Link this Share this Digg this Email Reprints

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