Thailand Stocks: KCE Electronics, Krungthai Card, LH Financial
Shares of the following companies had unusual moves in Thailand trading. Stock symbols are in parentheses and prices are as of the close in Bangkok.
The SET Index (SET) rose 0.9 percent to 1,207.67, the highest close since July 1996.
Banks: LH Financial Group Pcl Pcl (LHBANK) (LHBANK TB) led gains in Thai lenders after the central bank kept its key interest unchanged and raised its forecast for the country’s economic growth this year. LH Financial, which earns most of its revenue from mortgages, jumped 6.4 percent to 1.50 baht, the highest close since Sept. 12. TMB Bank Pcl (TMB) climbed 4.5 percent to 1.85 baht, the highest since Aug. 18. Kiatnakin Bank Pcl (KK) advanced 4.2 percent to 37.5 baht, the highest since April 12.
The Bank of Thailand held its benchmark one-day bond repurchase rate at 3 percent, it said in Bangkok today. The central bank also raised its forecast for economic growth this year to 5.7 percent, from a previous estimate of 4.9 percent.
KCE Electronics Pcl (KCE) , a maker of electronic parts, dropped 2.5 percent to 5.75 baht, its steepest decline since Dec. 14. The company will pay a dividend of 0.10 baht a share, compared with 0.30 baht a year earlier.
Krungthai Card Pcl (KTC) , a credit card company, jumped 4 percent to 20.80 baht, the highest close since July 2008. Krung Thai Bank Pcl (KTB) is seeking approval from the Bank of Thailand to buy shares it doesn’t already own in Krungthai Card, the Thai-language Kao Hoon newspaper reported, without saying where it got the information. Krung Thai may offer to buy the shares at between 25 baht and 28 baht each, the newspaper said. Krung Thai Bank climbed 1.6 percent to 18.8 baht.
Krungthai Card and Krung Thai Bank denied the report in a statement to the Stock Exchange of Thailand.
Krung Thai owns 49.45 percent of Krungthai Card, according to data compiled by Bloomberg. Krung Thai Bank was unchanged at 18.5 baht.
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