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Thailand Stocks: Indorama Ventures, Khon Kaen, Thai Rubber

Aug. 2 (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 4.53 points, or 0.4 percent, to 1,139.61.

Indorama Ventures Pcl (IVL TB), a Thai maker of chemicals used in plastic bottles and polyester, jumped 5.7 percent to 46.50 baht, the largest increase since July 4. Indorama’s shares offer a “buying opportunity” after its recent losses, Paworamon Suvarnatemee, an analyst at Credit Suisse Group AG, wrote in a note today. The stock sank 18 percent in the three months ended July 31.

The company’s earnings may rebound in the second half of this year, the analyst said. Richard Jones, Indorama’s spokesman, wasn’t available for comment on Credit Suisse’s report after a call to his office.

Khon Kaen Sugar Industry Pcl (KSL TB), a Thai sugar producer, slipped 2.5 percent to 15.60 baht, the biggest loss since June 17. Sugar futures fell for a fourth day today to the lowest since July 19 on signs that global demand is easing after prices surged in the past three months.

Thai Rubber Latex (Thailand) Corp. (TRUBB TB), a rubber producer, lost 2.5 percent to 5.75 baht, the steepest decline since June 28. Rubber futures in Tokyo declined after data showed U.S. manufacturing grew at its slowest pace in two years and car sales in Japan dropped, raising concern that demand for the commodity used in tires and gloves may weaken.

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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