Thailand Stocks: BFIT Securities, Krung Thai Bank, Kasikornbank
Thailand’s SET Index fell 18.42, or 1.8 percent, to 1,018.03 at the 4:30 p.m. close, the most since Nov. 16 and taking its two-day slide to 3.1 percent. Shares of the following companies had unusual moves and stock symbols are in parentheses.
Banks: The Bank of Thailand may raise borrowing costs this week, as the baht’s retreat from its highest level since it was devalued in 1997 eases concern that fund inflows could spur inflation, according to Sumitomo Mitsui Banking Corp. The central bank will boost the benchmark interest rate by 25 basis points to 2.25 percent on Jan. 12, according to all but three of 21 economists surveyed by Bloomberg News.
Krung Thai Bank Pcl (KTB TB), the nation’s second-biggest lender, declined 3.3 percent to 17.5 baht, completing a two-day, 6.9 percent drop. Kasikornbank Pcl (KBANK TB), the third- largest, fell 3.1 percent to 126.5 baht, the most since Nov. 16. Siam Commercial Bank Pcl (SCB TB) slipped 2.9 percent to 99.5 baht.
BFIT Securities Pcl (BSEC TB), a stock brokerage, lost 2 percent to 1.96 baht. The company’s business is operating as usual and there’s no information about a merger, BFIT said in a regulatory filing, denying market speculation. Bangkok First Investment & Trust Pcl (BFIT TB), the brokerage parent, lost 2.8 percent to 5.25 baht, the most since Aug. 10.
Steel Intertech Pcl (STEEL TB), a supplier of steel products, fell 1.5 percent to 20.1 baht, the most since Dec. 13. Investors are required to pay cash upfront before placing orders to buy shares of Steel Intertech from today to Jan. 28, the Stock Exchange of Thailand said in a statement on Jan. 7.
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