Thailand Stocks: Bangkok Bank, Indorama Ventures, Kasikornbank
The SET Index (SET) rose 0.1 percent to 1,036.80.
Banks: Bangkok Bank Pcl (BBL) , Thailand’s biggest lender, declined 3.3 percent to 146.5 baht, the largest drop since Nov. 1. Kasikornbank Pcl (KBANK) slid 4.2 percent to 115 baht, the most since Oct. 4. Siam Commercial Bank Pcl (SCB) lost 3.1 percent to 111 baht. Bank of Ayudhya Pcl (BAY) slumped 5.1 percent to 20.4 baht.
Thailand’s Cabinet ordered the government’s legal department yesterday to further study a plan to transfer debt held by the finance ministry to the central bank, spokesman Thitima Chaisang said today.
Private financial institutions fear new fees and charges may arise from the central bank and cause higher operating costs, Maybank Kim Eng Securities (Thailand) Pcl, the country’s largest stock brokerage, wrote in a note today.
Indorama Ventures Pcl (IVL) , the nation’s largest maker of polyester and plastic packaging material, climbed 2.5 percent to 30.5 baht, the steepest advance since Dec. 15. Indorama agreed to buy 100 percent of FiberVisions Holdings LLC for an undisclosed sum, the company said in a regulatory filing. Duluth, Georgia-based FiberVisions makes specialty mono and bi- component fibers, Indorama said. The U.S. company has total annual production capacity of 221,000 tons, Indorama said.
Seafco Pcl (SEAFCO) , an engineering service provider, jumped 3.8 percent to 3.3 baht, the highest close since Sept. 21. The company won four contracts worth 109 million baht, it said in a regulatory filing.
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