Thailand Stocks: Glow, Sahaviriya Steel, True Corp., Thai Union
Shares of the following companies had unusual moves in Thailand trading. Stock symbols are in parentheses and prices are as of the 4:30 p.m. close in Bangkok.
The SET Index rose 3.42, or 0.3 percent, to 1,036.36. The gauge has gained 0.4 percent this quarter, set for the eighth straight quarterly advance.
Glow Energy Pcl (GLOW) , the Thai unit of GDF Suez SA, climbed 1.2 percent to 41.75 baht. The company increased the final dividend payment for its 2010 operations to 1.179 baht a share from a payout of 1.123 baht a share in the same period last year.
Sahaviriya Steel Industries Pcl (SSI) , the country’s biggest steelmaker by market value, increased 4.1 percent to 1.28 baht, the steepest rally since Dec. 1. The company is considering investing in iron-ore mining and other overseas assets, Bangkok Post reported, citing President Win Viriyaprapaikit. Win was not available for comment when called at his office.
Hemaraj Land & Development Pcl (HEMRAJ TB), an industrial land developer, rose 3 percent to 2.04 baht. The company maintained its sales growth target of 30 percent for 2011, Chief Executive Officer David Nardone said today in Bangkok.
True Corp. (TRUE TB), the operator of Thailand’s third- largest mobile-phone network, fell 1.8 percent to 5.60 baht, the lowest close since Nov. 12. The company’s rating was cut to “hold” from “buy” at DBS Vickers Securities (Thailand) Co., which cited the company’s “weak profitability.” The brokerage cut its share-price forecast for the company to 5.8 baht from 9 baht.
Thai Union Frozen Products Pcl (TUF) , the world’s second-biggest tuna canner, declined 3.7 percent to 45.75 baht, on concern flooding in southern provinces will increase costs and erode earnings from shrimp sales. Heavy rains will continue to cause flash flooding in certain areas in the southern region over the next few days, according to a warning statement on the Thai Meteorological Department website dated today.
To contact the reporter on this story: Anuchit Nguyen in Bangkok at firstname.lastname@example.org.
To contact the editor responsible for this story: Darren Boey at email@example.com