Thailand Stocks: ICBC (Thai), Sahaviriya, United Palm, Chumporn
Thailand’s SET Index rose 8.87, or 0.9 percent, to 1,028.33 at the 4:30 p.m. close, the biggest increase since Dec. 9.
Palm Oil Producers: United Palm Oil Industry Pcl (UPOIC TB), Thailand’s second-largest publicly traded producer of the cooking oil, rose 5.3 percent to 8 baht, the steepest advance since Nov. 2. Chumporn Palm Oil Industry Pcl (CPI TB) climbed 4.9 percent to 4.76 baht, the highest close since August 2008.
Palm oil climbed to a 33-month high on the Malaysia Derivatives Exchange on concern a prolonged drought in regions of South America may reduce output of soybeans, boosting the demand outlook for vegetable oils made from other plants.
Industrial & Commercial Bank of China (Thai) Pcl (ICBCT TB), the Thai unit of Industrial & Commercial Bank of China Ltd., tumbled 30 percent to 13.1 baht, the largest decline since November 1999. ICBC is offering 11.5 baht per share for the stake it doesn’t own in the Bangkok-based unit, the Thai lender said in a regulatory filing yesterday. That was 45 percent less than the closing price on Dec. 24.
Sahaviriya Steel Industries Pcl (SSI TB), Thailand’s biggest steelmaker, gained 1.4 percent to 1.45 baht, the steepest advance since Dec. 7. The company was raised to “buy” from “hold” at Kelive Research, which said the stock’s current price is attractive compared with its forecast. The brokerage reduced its share-price estimate for the company to 1.8 baht from 2 baht, citing the “dilution effect” of proposed share sales.
TT&T Pcl (TTNT TB), the nation’s smallest fixed-line phone operator, climbed 4.4 percent to 0.48 baht, the most since Nov. 24. The Central Bankruptcy Court accepted the company’s debt rehabilitation plan, the company said in a regulatory filing.
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