Thailand Stock Movers: Bangkok Bank, Bank of Ayudhya, Seafco
The SET Index (SET) fell 0.1 percent to 1,023.02, declining for a seventh straight day. The benchmark index has lost 1.1 percent this year, poised for its first annual drop since 2008.
Bangkok Bank Pcl (BBL) , the nation’s biggest bank by assets, fell 1 percent to 151.5 baht. The company sold a 30 percent stake in Sammitr Motors Manufacturing Pcl for 157.5 million baht ($5 million), it said yesterday.
Bank of Ayudhya Pcl (BAY) , a Thai lender, slipped 0.9 percent to 22 baht after Maybank Kim Eng Securities Thailand Pcl downgraded the stock to “hold,” citing limited scope for further price gains.
The stock has rallied over the past month on speculation Bank of Ayudhya may buy HSBC Holdings Plc’s retail banking business in Thailand, and there is now “limited upside” to Maybank Kim Eng’s 22-baht target price, analyst Woraphon Wiroonsri wrote today in a note to clients.
Seafco Pcl (SEAFCO) , a construction company, gained 1.3 percent to 3.08 baht. The company got a 425 million-baht contract to build part of a new underground railway line in Bangkok, it said today in a regulatory filing.
To contact the editor responsible for this story: Darren Boey at email@example.com