Thailand Stocks: Khon Kaen, Malee, Thai Union, Tipco Foods

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 0.3 percent to 1,204.01, trimming this year’s rally to 17 percent. The gauge is heading for the biggest quarterly gain since the three months ended September 2010.

Khon Kaen Sugar Industry Pcl (KSL) , a sugar producer, dropped 1.4 percent to 14.30 baht, the biggest loss since March 13. Raw-sugar futures for May delivery fell 1.9 percent to 24.3 cents a pound on ICE Futures U.S. in New York yesterday.

Malee Sampran Pcl (MALEE) , a fruit-juice producer, jumped 19 percent to 47.25 baht, the highest close since April 1994. Investors bought Malee’s shares on speculation the company may be a takeover target amid improving profits, Jitra Amornthum, an analyst at Finansia Syrus Securities, said by phone today. Paitoon Eiamsirikulmit, Malee’s head of corporate affairs, declined to comment. Paitoon is unaware of the reason for the stock’s gain, he said by phone today.

Thai Union Frozen Products Pcl (TUF) , the nation’s largest seafood exporter, gained 1.1 percent to 70.25 baht. Thai Union has invested 3.3 billion baht ($107 million) in the past year to add more machinery ahead of wage increases, Wai Yat Paco Lee, the company’s financial controller, said in a meeting with investors yesterday. Thai Union also plans to raise product prices to maintain profit margins, Lee said.

Tipco Foods Pcl (TIPCO) , a producer of canned pineapple and fruit juice, jumped 6 percent to 6.20 baht, the highest close since January 2008. Exports of canned pineapple climbed more than previously estimated in the first quarter on demand from the U.S. and Europe, Nitima Aungatichart, Tipco’s head of investor relations, said by phone from Bangkok today.

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

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