Thailand Equity Movers: Quality Houses, Supalai, Thai Airways

Shares of the following companies had unusual moves in Thailand trading. (SET) Stock symbols are in parentheses and prices are as of the close in Bangkok.

The SET Index dropped 0.3 percent to 1,043.24, halting a seven-day, 8.2 percent rally.

Quality Houses Pcl (QH) , a property developer, fell 1.9 percent to 1.54 baht, bringing a two-day decline to 3.8 percent. Quality Houses has received no contact from Siam Cement Pcl, which was reported to have shown interest in buying the company’s stake in Home Product Center Pcl (HMPRO), it said in regulatory filing yesterday. Quality Houses owns 17 percent of Home Product, according to data compiled by Bloomberg.

Home Product (HMPRO TB), a retailer of home improvement hardware, lost 4.4 percent to 10.9 baht, the most since Oct. 3.

Supalai Pcl (SPALI) , a Thai property developer, climbed 3 percent to 13.9 baht, the highest close since Sept. 21. The company was rated “outperform” in new coverage by Chai Techakumpuch, an analyst at Credit Suisse Group AG, who cited the stock’s “high returns to shareholders.” The analyst has a share-price estimate of 16.3 baht.

Thai Airways International Pcl (THAI) , the nation’s largest carrier, gained 2.3 percent to 22.2 baht, the highest close since Sept. 23. Tiger Airways Holdings Ltd. and its partners, including Thai Airways and Ryanthai Ltd., decided not to proceed with setting up a venture in Thailand after failing to acquire approvals from the Thai authorities, the Singapore- based carrier said in a regulatory filing.

Thai Airways plans to begin flights of its new budget airline Thai Smiles in July, the company said in October.

To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.