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Thai Brokerages' Shares Rise on Higher Trading; Kim Eng Surges

Shares of Thai brokerages including Kim Eng Securities (Thailand) Pcl surged on expectations trades will increase as the benchmark stock index heads toward its biggest gain in more than two years.

Kim Eng, the country's biggest brokerage by sales, surged 2.50 baht, or 9.7 percent, to 28.25 at 2:57 p.m. in Bangkok. The stock jumped as much as 13 percent, the biggest gain since it started trading on Dec. 2, 2003.

The index that tracks brokerages gained 4 percent, the most since a 5.7 percent advance on Feb. 27. For the year, the measure has risen 11 percent, compared with the benchmark SET Index's 7.7 percent gain.

``Brokers' stocks had underperformed the SET since the beginning of the year,'' said Visit Ongpipattanakul, a strategist at Trinity Securities Co. in Bangkok. ``Volume is increasing, while the stocks are trading at the bottom.''

About 37 billion baht ($964 million) in shares changed hands at the exchange recently, 80 percent more than the daily average in the past three months. The SET is set to close at the highest in more than two years after Prime Minister Thaksin Shinawatra said he will step down to end a political crisis.

Among other brokers, Asia Plus Securities Pcl (ASP), Thailand's third biggest, climbed 0.28 baht, or 5.9 percent, to 5, the highest since Feb. 1. Phatra Securities Pcl, the fourth largest, rose 3.50 baht, or 7.7 percent, to 49.25, the highest since Jan. 11.

To contact the reporter on this story: Dominic G. Diongson in Bangkok at ddiongson@bloomberg.net

To contact the editor responsible for this story: James Regan at jregan8@bloomberg.net

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