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Thai Stocks: Precious Shipping, PTT Exploration, Thoresen Thai

Dec. 17 (Bloomberg) -- Thailand’s SET Index fell for a third day, losing 0.7 percent to 1,022.46 at the 4:30 p.m. close in Bangkok. The measure declined 1.3 percent this week.

Shipping stocks: Precious Shipping Pcl (PSL TB) and Thoresen Thai Agencies Pcl (TTA TB), Thailand’s two biggest shipping companies, slid after the shipping rate for commodity transportation dropped. Precious Shipping fell 1.6 percent to 19 baht, its biggest drop in a month. Thoresen lost 0.9 percent to 21.3 baht.

The Baltic Dry Index, a measure of shipping costs for commodities, slid 0.9 percent in London yesterday, extending its eight-day slump to 6.9 percent.

PTT Exploration & Production Pcl (PTTEP TB), the nation’s only publicly traded oil and gas explorer, rose 2.4 percent to 172.5 baht, the most since Dec. 2. Crude oil rose from the lowest in two weeks after an unexpected decline in U.S. claims for jobless benefit and gains in housing starts bolstered the outlook for fuel demand.

To contact the reporters on this story: Daniel Ten Kate in Bangkok at dtenkate@bloomberg.net Chan Tien Hin in Kuala Lumpur at thchan@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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