Thailand Stocks: G Steel, Hemaraj Land, Ratchaburi, True Corp
Thailand's SET Index (SET) rose 13.08, or 3.4 percent, to 397.23 as of 10:13 a.m. in Bangkok, headed for its steepest climb since Oct. 14. The measure has lost 33 percent through October, set for its worst month since at least July 1987, when Bloomberg began compiling data on the gauge.
Energy stocks: PTT Pcl (PTT) , Thailand's biggest oil company, gained 10 baht, or 7.1 percent, to 150, set for its steepest advance since Aug. 7. PTT Exploration & Production Pcl (PTTEP) , the nation's only publicly traded gas and oil explorer, jumped 6 baht, or 8 percent, to 81.
Crude oil futures rose for a second day on signs that central bank interest-rate cuts may help stimulate global demand for fuel. Crude oil for December delivery gained as much as 2.5 percent to $69.18 a barrel on the New York Mercantile Exchange, and traded at $69.09 a barrel at 9:53 a.m. Singapore time.
G Steel Pcl (GSTEEL) , the country's second-largest hot- rolled coil maker, advanced 0.07 baht, or 20 percent, to 0.42 after yesterday's 24 percent slide. The company plans to buy back its shares in the stock market after the price tumbled, the Post Today reported, citing G Steel's chief executive officer.
Hemaraj Land & Development Pcl (HEMRAJ) , the No. 2 industrial land developer, dropped 0.01 baht, or 1.5 percent, to 0.68, poised for its lowest close since Aug. 16, 2004. The company has postponed selling as much as 3 billion baht ($86 million) of bonds to next year because of poor market sentiment amid the global financial crisis, the Krungthep Turakij reported, citing David Nardone, Hemaraj's president.
Mida Assets Pcl (MIDA) , the retailer of electrical appliances and motorcycles, jumped 0.08 baht, or 25 percent, to 0.40, bound for its largest advance since April 2. Mida spent 44 million baht to buy a 10 percent stake of General Engineering Pcl (GEN), a maker of concrete products, the company said in a filing to the stock exchange. General Engineering (GEN TB) rose 0.01 baht, or 2.5 percent, to 0.41.
Ratchaburi Electricity Generating Holding Pcl (RATCH) , the country's leading publicly traded power producer, climbed 0.50 baht, or 1.7 percent, to 29.25. The company's profit surged more than threefold to 2.08 billion baht in the third quarter on increased generation capacity.
True Corp (TRUE) , which operates the nation's second- largest fixed-line phone network and the No. 3 mobile phone network, jumped 0.12 baht, or 8.3 percent, to 1.57, headed for its largest increase since Oct. 1. The company's rating was raised to ``trading buy'' from ``sell'' by Padon Vannarat, an analyst at Finansa Securities Co. The company's share price is ``too low'' compared with its fundamentals, said Padon, who has a price estimate of 3.37 baht.
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