Thailand’s SET Index fell for a second day, declining 5.94, or 0.7 percent, to close at 884.51, the most in two weeks. Trading turnover was 49.3 billion baht ($1.57 billion), the most in 10 months, according to the stock exchange’s data.
Ekarat Engineering Pcl (AKR TB), a Thai maker of power transformers, lost 8.9 percent to 1.13 baht, the biggest drop in 16 months. Ekarat and a group of investors plan to jointly invest in a unit, Ekarat Solar Co. Ltd., the maker of solar panel, it said in a filing today.
Land & Houses Pcl (LH TB), Thailand’s second-biggest home builder by sales, dropped 3.9 percent to 6.15 baht, the most in three months. The company had its stock rating lowered to “underperform” from “neutral” by Credit Suisse Group AG’s Chai Techakumpuch.
Samart Corp. (SAMART TB), a Thai telecommunication service provider, slid 14 percent to 8.30 baht, the steepest decline since February 2004. Malaysia’s Axiata Group Bhd. isn’t planning to bid for a Thai 3G license, Chief Financial Officer Yusof Annuar Yaacob told reporters in Kuala Lumpur today. Reuters cited Samart Chief Executive Watchai Vilailuck in an Aug. 17 report saying that his company had begun talks with Axiata and another company on plans to jointly bid for a Thai 3G license in an upcoming auction.
Watchai was not immediately available for comment after a call to his office.
True Corp. (TRUE TB), the operator of the nation’s third-biggest mobile phone network, gained 7.4 percent to 7.3 baht, the highest close since November 2007. The company said its board yesterday authorized a unit to participate in bidding for new licenses for third-generation wireless services.