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Thai Stocks: PTT, Pongsaap, Thai Factory, IRPC, PTT Aromatics

Thailand’s SET Index (SET) rose 9.81, or 2.2 percent, to 453.88 in Bangkok. More than seven stocks gained for each one that fell. The gauge advanced 1.8 percent this week, its fifth weekly climb and longest such winning streak since an equivalent period ended Oct. 12, 2007.

Pongsaap Pcl (PSAAP TB) sank 35 percent to 0.11 baht, a record low. Shares in the distributor of music and films resumed trading today after a five-week suspension and will be withdrawn from trade again on May 9 until “problems” are solved, the Stock Exchange of Thailand said in a statement today.

PTT Pcl (PTT) , the nation’s biggest oil company, climbed 2.8 percent to 165.5 baht, its highest level since Jan. 28. The company may sell as much as 65 billion baht ($1.84 billion) in bonds over five years to help finance expansion, President Prasert Bunsumpun said.

PTT may also merge units to cut costs, he said. PTT Aromatics & Refining Pcl (PTTAR TB) jumped 11 percent to 11.1 baht, its steepest advance since Jan. 5. Thai Oil Pcl (TOP) increased 9.2 percent to 29.75 baht, its best price since Oct. 15. PTT Chemical Pcl (PTTCH TB) advanced 3.4 percent to 38 baht, its highest since Nov. 9, and IRPC Pcl (IRPC TB) gained 9.1 percent to 2.4 baht.

Thai Factory Development Pcl (TFD) added 2 percent to 0.5 baht. The builder of factories for lease and rental said it plans to sell a unit for 274 million baht ($7.73 million) to reduce liabilities from a non-core operation. The company predicts an accounting gain of 4.64 million baht from the sale, it said in a stock-exchange filing today.

To contact the reporter on this story: Shanthy Nambiar in Bangkok at snambiar1@bloomberg.net

To contact the editor responsible for this story: Sandy Hendry at shendry@bloomberg.net

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