Thailand Stocks: Asian Property, Land & Houses, Thai Airways
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 fell 11.91 points, or 1.1 percent, to 1,072.68, the most in one week.
Property developers: Land & Houses Pcl (LH TB), Thailand’s biggest home builder by market value, climbed 2.3 percent to 6.60 baht, the highest close since May 12. Sansiri Pcl (SIRI) gained 2.1 percent to 4.92 baht. Asian Property Development Pcl (AP) increased 1.9 percent to 5.45 baht.
Kasikorn Asset Management Pcl, the nation’s largest money manager with $23 billion of assets, favors property developers as the Pheu Thai party, which won parliamentary election on July 3, plans tax incentives for home purchases, Petcharat Powattanasatien, the head of equity fund management department, said in a phone interview.
Total Access Communication Pcl (DTAC) , Thailand’s second-biggest mobile phone company, declined 2.2 percent to 55.75 baht, extending a two-day drop to 5.9 percent. The commerce ministry will ask the police to further investigate the shareholding structure of Total Access to determine whether it is in breach of foreign ownership laws.
The ministry found “some grounds” for further investigation, though it doesn’t have the power to complete the probe, Permanent Secretary for Commerce Yanyong Phuangrach said on July 4. Total Access said in an e-mailed statement that the company is confident it complies with all relevant laws and regulations in Thailand.
Thai Airways International Pcl (THAI) , the country’s largest carrier, dropped 3.3 percent to 29 baht on concern rising oil prices will increase fuel costs. Crude oil rose for a second day in New York on speculation U.S. crude inventories declined for a fifth week, signaling fuel demand may be climbing in the world’s biggest user of the commodity.
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