Thailand Stocks: General Engineering, PTT Exploration, Thai Air

Thailand’s SET Index (SET) dropped for the first time in three days, declining 6.01, or 0.8 percent, to close at 725.60.

General Engineering Pcl (GEN TB), a maker of concrete products, jumped 19 percent to 0.88 baht, its highest price since Oct. 7, 2008. The company plans to sell a total of 516.8 million new shares at 0.5 baht each in a rights offer. It will also issue warrants to shareholders who subscribe to new shares at a ratio of two new shares for one warrant, it said in a filing to the Stock Exchange of Thailand today.

PTT Exploration & Production Pcl (PTTEP) , the nation’s only publicly traded oil and gas explorer, dropped 1.9 percent to 159.5 baht, halting a two-day, 9.8 percent gain. Crude oil fell from a one-year high as the dollar pared losses against the euro and the Organization of Petroleum Exporting Countries said it wouldn’t be comfortable with oil at $100.

Thai Airways International Pcl (THAI) , the country’s largest carrier, rose 1.8 percent to 22.2 baht, completing a three-day, 13 percent rally. The airline’s revenue may rise to 186 billion baht in 2010 compared with an expected 157 billion baht this year, President Piyasvasti Amranand told reporters yesterday.

To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net

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