Thailand Stocks: Indorama, Khon Kaen, Sri Trang, Thai Rubber
Stock Chart for Thai Rubber Latex Corp Thailand PCL (TRUBB)
Shares of the following companies had unusual moves in Thailand trading. Stock symbols are in parentheses and prices are as of the 12:30 p.m. break in Bangkok.
The SET Index fell 4.92 points, or 0.4 percent, to 1,139.22.
Rubber producers: Sri Trang Agro-Industry Pcl (STA) , Thailand’s biggest publicly traded rubber producer, dropped 1.6 percent to 30.5 baht, the first decline in six days. Thai Rubber Latex (Thailand) Corp. (TRUBB TB), a rubber producer, lost 2.5 percent to 5.75 baht, the steepest loss since June 28.
Rubber futures in Tokyo declined after data showed U.S. manufacturing grew at its slowest pace in two years and car sales in Japan dropped, raising concern that demand for the commodity used in tires and gloves may weaken.
Sugar producers: Khon Kaen Sugar Industry Pcl (KSL) , the bigger of two publicly traded sugar millers, slipped 2.5 percent to 15.60 baht, the most since June 17. Khonburi Sugar Pcl (KBS TB) fell 2.9 percent to 13.2 baht.
Sugar futures yesterday fell to a one-week low in New York on signs that global demand is easing after prices surged 30 percent in the past three months.
Indorama Ventures Pcl (IVL) , a Thai maker of chemicals used in plastic bottles and polyester, jumped 4.6 percent to 46 baht, poised for the largest increase since July 4. Indorama’s shares offer a “buying opportunity” after its recent losses, Paworamon Suvarnatemee, an analyst at Credit Suisse Group AG, wrote in a note today. The stock sank 18 percent in the three months ended July 31.
The company’s earnings may rebound in the second half of this year, the analyst said. Richard Jones, Indorama’s spokesman, was not available for comment on Credit Suisse’s report after a call to his office.
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