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Thailand Stocks: Asian Property, PTT Exploration, TMB Bank

Thailand's SET Index (SET) declined 1.76, or 0.2 percent, to 801.56 as of 10:27 a.m. local time, paring its March 21 gain of 0.7 percent.

Asian Property Pcl (AP) , the residential property developer, gained 0.1 baht, or 1.4 percent, to 7.05, rebounding for a second day after a 3.5 percent drop on March 20. Asian Property plans two condominium projects valued at 5 billion baht ($160 million) in Bangkok, the Bangkok Post reported, citing Senior Executive Vice President Visanu Suchatlumpong.

PTT Exploration and Production Pcl (PTTEP TB), an oil producer and Thailand's second-biggest company by market value, fell 1 baht, or 0.7 percent, to 149, dropping for a fifth straight day.

Crude oil for May delivery dropped as much as 1.7 percent to $100.16 a barrel in after-hours trading in New York today, extending its March 20 drop of 0.7 percent.

Rasa Property Pcl (RASA) , the condominium developer, gained 0.02 baht, or 0.5 percent, to 4.44, advancing for a second day. The company is seeking foreign partners to expand its business, the Bangkok Post reported, quoting Lertmongkol Waravenuch, a company's director.

TMB Bank Pcl (TMB TB), the banks partly owned by ING Group NV, added 1 baht, or 1 percent, to 104, set for a two-day 2 percent gain. TMB plans to sell as much as $2 billion baht this year and use the funds to expand its business, Chief Executive Officer Subhak Siwaraksa said in a stock exchange filing.

To contact the reporter on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net.

To contact the editor responsible for this story: Nicolas Johnson at nicojohnson@bloomberg.net.

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