Thailand’s SET Index dropped 12.96, or 1.3 percent, to 987.77 at the 12:30 p.m. lunch break, headed for the lowest close since Oct. 29. The gauge has lost 4 percent in the past two days, the largest two-day decline since May.
Rubber producers: Sri Trang Agro-Industry Pcl (STA TB), Thailand’s biggest publicly traded rubber producer, fell 4.9 percent to 29 baht, set for the lowest close since Oct. 18. Thai Rubber Latex Corp. (TRUBB TB) lost 2.1 percent to 6.95 baht, reaching its lowest level since July 9.
Rubber in Tokyo and Shanghai tumbled on speculation that China, the world’s largest consumer, will raise interest rates to curb inflation, damping demand for commodities.
Big C Supercenter Pcl (BIGC TB), the country’s second-biggest hypermarket operator, fell 3.6 percent to 67.75 baht, bound for the lowest close since Nov. 3. The company was lowered to “equal-weight” from “overweight” at Morgan Stanley amid higher valuations. The brokerage raised its stock estimate for the company to 83.60 baht from 70.50 baht, according to a report by analysts including Divya Gangahar.
Glow Energy Pcl (GLOW TB), a Thai producer controlled by Paris-based GDF Suez SA, slid 7.2 percent to 45 baht, the steepest decrease since Oct. 15, 2009. The company was downgraded to “neutral” from “buy” at Kasikorn Securities Co.
Thai Vegetable Oil Pcl (TVO TB), the nation’s largest soybean supplier, sank 5.9 percent to 27.75 baht. The stock declined for a fourth day, poised for its longest losing streak since March 29. Soybean futures on the Chicago Board of Trade yesterday dropped 5.2 percent. The September contract tumbled by the daily limit of 4 percent in China today.