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Thailand Stocks: PTT Exploration, True Corp., Tipco Asphalt

May 23 (Bloomberg) -- Shares of the following companies had unusual moves in Thailand trading. Stock symbols are in parentheses and prices are as of the 4:30 p.m. close in Bangkok.

The SET Index fell 18.97, or 1.8 percent, to 1,053.97, the most since May 6.

Oil companies: PTT Pcl (PTT TB), Thailand’s biggest energy company, declined 2.5 percent to 352 baht. PTT Exploration & Production Pcl (PTTEP TB), the nation’s only publicly traded oil explorer, lost 3.1 percent to 173.5 baht.

Crude oil declined in New York amid concern that Europe’s sovereign debt crisis may weaken fuel demand. Crude for July delivery lost as much as 3 percent to $97.11 a barrel in electronic trading on the New York Mercantile Exchange.

Sri Trang Agro-Industry Pcl (STA TB), the largest publicly traded rubber producer, fell 4.5 percent to 26.5 baht, the lowest close since March 18. Rubber tumbled the most in more than a week in Tokyo as a reduction in Greece’s credit rating and a sell-off in global equities boosted concern that the economic recovery may falter, curbing demand for the commodity used in tires.

True Corp. Pcl (TRUE TB), the operator of the third-largest mobile phone network, fell 4.2 percent to 4.84 baht, the biggest drop since March 28. The company was cut to “fully valued” from “buy” at DBS Vickers Securities (Thailand) Co., which said it expects earnings to “deteriorate” on losses at a phone unit. The share-price estimate was cut to 4.50 baht from 5.20 baht, the brokerage wrote in a note today.

Tipco Asphalt Pcl (TASCO TB), the biggest asphalt maker, decreased 5.8 percent to 48.50 baht, the lowest close since Aug. 20. The company had its share-price forecast cut to 60.72 baht from 79 baht at Asia Plus Securities Pcl, which cited rising raw-material costs and slowing demand.

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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