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Thailand Stocks: Banpu, KCE Electronics, IRPC, PTT Exploration

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 for a fourth day, declining 1.8 percent to 1,110.70, the lowest close since Feb. 14.

Banpu Pcl (BANPU TB), Thailand’s biggest coal producer, gained 0.4 percent to 464 baht. The stock was upgraded to outperform, the equivalent of buy, from neutral by Piyathida Vongvivathchai, an analyst at KGI Securities (Thailand) Pcl.

IRPC Pcl (IRPC TB), an oil refiner and petrochemicals producer, dropped 3.7 percent to 3.6 baht, the lowest close since Oct. 25. IRPC will buy a 25 percent stake in UBE Chemicals (Asia) Pcl for about 5.3 billion baht ($168 million), the company said in a regulatory filing.

KCE Electronics Pcl (KCE TB), a maker of electronic parts, jumped 8.3 percent to 5.85 baht, the largest increase since Nov. 2. The company plans to spend as much as 280 million baht to buy back 46.4 million shares, the company said in a regulatory filing.

PTT Exploration & Production Pcl (PTTEP TB), Thailand’s only publicly traded oil explorer, declined 6.2 percent to 151.5 baht, the lowest close since Nov. 4. The company raised its offer for Cove Energy Plc to 1.22 billion pounds ($1.92 billion), topping a bid from Royal Dutch Shell Plc. PTT Pcl (PTT TB), its parent company, fell 3.5 percent to 308 baht.

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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