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Thailand Stocks: CP All, PTT Exploration, Precious, Workpoint

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Sept. 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 3.95 points, or 0.4 percent, to 1,065.18, declining for a second day. The gauge climbed 2.7 percent this week.

Shipping companies: Precious Shipping Pcl (PSL TB), Thailand’s biggest shipping company by market value, gained 2.9 percent to 17.9 baht, the highest close since Aug. 5. Thoresen Thai Agencies Pcl (TTA TB) advanced 1 percent to 19.90 baht.

The Baltic Dry Index, a measure of shipping costs for commodities, rose 3.9 percent to 1,682 yesterday, the highest level since Jan. 4, according to the Baltic Exchange in London.

CP All Pcl (CPALL TB), the nation’s largest convenience store operator, declined 1.5 percent to 50.75 baht, the most since Aug. 19. The company was downgraded to “sell” from “neutral” at UBS AG, which cited the stock’s “rich valuation”. The stock’s recent rally “captured most of the company’s growth potential,” analyst Salinee Poopoksakul wrote in a note today.

PTT Exploration & Production Pcl (PTTEP TB), Thailand’s only publicly traded oil explorer, dropped 3.8 percent to 167 baht, the steepest slump since Aug. 9. The company may raise funds for acquisitions and has asked banks to submit proposals, Chief Executive Officer Anon Sirisaengtaksin said. PTT Exploration may sell bonds or shares or seek loans, Anon said today by phone.

Workpoint Entertainment Pcl (WORK TB), a producer of television programs, rose 2.8 percent to 14.60 baht, the highest close since January 2008. Revenue may rise 33 percent in 2011 on its expansion into satellite broadcasting, the Bangkok Post newspaper reported, citing Chief Financial Officer Kanchit Kawachat. Kanchit wasn’t immediately available to comment when called at his office.

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