The SET Index (SET) dropped 0.8 percent to 1,160.23. Thai financial markets were closed on April 13 and yesterday for public holidays.
Credit Suisse Group AG cut its price forecast for thermal coal at Australia’s Newcastle port as ample stockpiles and reduced industrial production in the northern hemisphere freed up Colombian coal for Asian buyers. Prices will average $113 a metric ton this year, from $126 forecast previously, the bank said in a report on April 13.
Sahaviriya Steel Industries Pcl (SSI) , the country’s biggest steel producer, gained 6.7 percent to 0.80 baht, the most since Jan. 23. The company plans to begin steel production at its plant in Redcar, northeast England, the British Broadcasting Corp. reported on April 15, citing the company’s U.K. chief, Phil Dryden. The first steel slabs will probably be produced in the next three days, with all the steel produced initially being shipped to Thailand, the BBC said on its website. Win Viriyaprapaikit, Sahaviriya’s president, wasn’t available for comment when called at his office in Bangkok.
Singer (Thailand) Pcl (SINGER) , a retailer of electrical appliances, jumped 11 percent to 11 baht, the highest close since July 1997. The company plans to sell 750 million baht ($24.3 million) of bonds, the company said in a regulatory filing dated April 12. The proceeds will be used to repay existing debt, it said.
TMB Bank Pcl (TMB) , Thailand’s seventh-biggest lender by assets, lost 1.2 percent to 1.66 baht. First-quarter profit fell 5.8 percent from a year earlier to 1.03 billion baht ($33.4 million) as provisions for bad debt increased.
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