Thailand Stocks: Precious, Thoresen, Christiani, Italian-Thai

Thailand’s SET Index (SET) fell for the first time in five days, declining 4.22, or 0.6 percent, to close at 730.82.

Shipping companies: Precious Shipping Pcl (PSL) , Thailand’s biggest shipping company by market value, climbed 2.1 percent to 19.1 baht, the most since Feb. 3. Thoresen Thai Agencies Pcl (TTA) , Thailand’s second-biggest shipping company by market value, gained 3.2 percent to 25.5 baht.

The Baltic Dry Index (BDIY), a measure of shipping costs for commodities, yesterday jumped 4.3 percent, the most in almost two months.

Bata Shoe of Thailand Pcl (BATA TB), a shoemaker, jumped 11 percent to 17 baht, its highest close since March 1998. Shareholders will meet next month to consider the proposed delisting of its stock, the company said in a filing today. Bafin (Nederland) BV, the company’s biggest shareholder with an 85.7 percent stake, will offer to buy the shares it doesn’t already own at 17.5 baht a share, it said.

Christiani & Nielsen (Thai) Pcl (CNT) , a Thai construction company controlled by the royal family’s investment arm, gained by the daily limit for the second day, surging 30 percent to 3.42 baht, its highest close since Jan. 2006. Profit rose to 153 million baht in 2009 from 3.9 million baht in the previous year, the company reported after the market closed on March 2. The company will more than double its dividend payment to 0.20 baht a share from 0.08 baht a year earlier, it said.

G Steel Pcl (GSTEEL) , a maker of hot-rolled steel, dropped 8.3 percent to 0.33 baht, the most since May 14. The net loss widened to 8.58 billion baht ($263 million) in 2009 from 1.23 billion baht a year earlier, the company said yesterday.

Italian-Thai Development Pcl (ITD) , the nation’s biggest publicly traded construction company, fell 3.1 percent to 2.54 baht, its lowest close since July 16. The company had its share price estimate reduced to 2.50 baht from 3.10 baht at Credit Suisse Group AG after reporting a higher-than-estimated loss in 2009.

To contact the reporter on this story: Anuchit Nguyen in Bangkok at

To contact the editor responsible for this story: Linus Chua at

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