Thailand Stocks: Krung Thai Bank, Kasikornbank, Solartron, True
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) fell 0.5 percent to 1,188.32, the lowest level since March 15.
Banks: Thai banks are expensive and investors should take profit, Woraphon Wiroonsri, an analyst at Maybank Kim Eng Securities (Thailand) Pcl, the nation’s largest stock brokerage, wrote in a note to clients today.
Krung Thai Bank Pcl (KTB) , the nation’s second-biggest lender, slipped 2.8 percent to 17.5 baht. Kasikornbank Pcl (KBANK) declined 2 percent to 149 baht. Siam Commercial Bank Pcl (SCB) dropped 2.8 percent to 141.50 baht.
Solartron Pcl (SOLAR) , a maker of solar-energy equipment, lost 3.5 percent to 1.93 baht, the lowest close since Feb. 10. The company won’t pay a cash dividend for its 2011 operations, it said in a regulatory filing. It also plans to sell as many as 269.8 million shares to existing shareholders and other investors, it said.
Thai Reinsurance Pcl (THRE) , the country’s only reinsurer, gained 2.7 percent to 3.80 baht, the largest increase since March 12. HWIC Asia Fund raised its holding in the Thai company by 21.1 percent to 23.5 percent, according to a regulatory filing.
TMB Bank Pcl (TMB) , a Thai lender controlled by ING Groep NV, dropped 2.2 percent to 1.77 baht. Thailand’s government has no policy to increase or reduce its stake in TMB Bank or other state enterprises, Finance Minister Kittiratt Na- Ranong told reporters in Bangkok today. Thailand’s finance ministry held a 26 percent stake in the bank as of March 12, according to data compiled by Bloomberg.
True Corp. Pcl (TRUE) , fell 2.2 percent to 3.64 baht. An agreement between state-controlled CAT Telecom Pcl and True Corp., operator of Thailand’s third-largest mobile phone operator, to build a high-speed mobile phone network breached the law, according to Anudit Nakorntab, minister of information and communication technology.
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