Thai Hot Stocks – Index slides towards 600 on banks, energy

September 17th, 2008 | by admin | 
 (Updates index fall, adds energy shares)
 BANGKOK, Sept 17 (Reuters) - Thailand's benchmark stockindex .SETI was down 3.08 percent at 605.34, its lowest sinceDecember 2006, at 0843 GMT on Wednesday as investors unloadedbig cap financials and energy stocks.
 The main index was approaching a low of 587.92 hit on Dec.19, 2006, one day after the central bank imposed capitalcontrols.
 However, broker CLSA said it was maintaining an"overweight" rating on Thailand due in part to its cheapvaluations.
 Stocks on the move included:
 ENERGY SHARES .SETEN AT 17-MTH LOW
 The energy subindex fell 3.7 percent to about a 17-monthlow, led by a 3.5 percent drop to 220 baht in PTT PTT.BK,Thailand's biggest energy firm, as investors sold oil sharesbecause of weak global crude prices.
 PTT Exploration PTTE.BK shed 5.4 percent to 122 baht,Banpu BANP.BK was 6.9 percent lower at 296 baht and PTTAromatics PTTAR.BK was down 1.89 percent at 20.8 baht.
 0845 GMT
 STOCKS WITH LINKS TO GOVERNMENT ERASE EARLY GAINS
 Mobile telephone wholesaler M-Link Asia MLIN.BK fell 7.1percent to 1.44 baht and housing firm SC Asset SC.BK was flatat 7.7 baht.
 Shares in both firms rose in early trade after SomchaiWongsawat, a brother-in-law of ousted leader ThaksinShinawatra, was elected  prime minister. [nBKK351048]
 M-Link is 15.66 percent owned by Somchai's son, YodchananWongsawat, according to the company's website, and SC Asset ismajority owned by Thaksin's family.
 0847 GMT
 THAI UNION FROZEN TUF.BK UP AFTER UPBEAT Q3 OUTLOOK
 Top canned tuna exporter rose 2.53 percent to 20.3 bahtafter it said it expected growth in third-quarter sales indollar terms of 20-30 percent compared with a year earlier asstable fish prices and lower world oil prices helped boostedmargins.
 See [nBKK236187] for details
 0848 GMT
 SHIPPERS DOWN, OFF EARLY HIGH ON HIGHER FREIGHT RATES
 Dry bulk shipper Thoresen Thai TTA.BK fell 1.8 percent to27.25 baht, having hit 28.75 baht, and Regional ContainerRCL.BK was down 0.72 percent at 13.8 baht, having hit 14.1baht in response to strong freight rates.
 The Baltic Dry Index .BADI, which measures changes in thecost of shipping commodities, rose 0.27 percent to 4,760 onTuesday, bouncing from an 18-month low hit on Monday amidstromy financial markets, falling commodity prices and worriesover world economic growth.
 0850 GMT
 BANK OF AYUDHYA BAY.BK ERASES GAINS
 Thailand's fifth-largest bank fell 5.6 percent to 17 baht,easing from an early high of 18.2 baht, after Citigroup cut itstarget price for the bank to 25 baht from 27.8 baht, citinglikely writedowns due to the bank's indirect exposure to LehmanBrothers and AIG.
 See [ID:nBKK332096] for details
 0851 GMT
 BANGKOK BANK BBL.BK, SIAM COMMERCIAL SCB.BK FALL
 Bangkok Bank erased all its early gain and was down 3.9percent at 99 baht, while Siam Commercial Bank was 5.7 percentlower at 66 baht, having hit 71 baht in early trade, afterCitigroup cut its 2008 earnings forecasts and target prices forthe banks.
 See [ID:nBKK244107] for details
 0852 GMT
 THAI VEGETABLE OIL TVO.BK DROPS, TRADES EX-DIVIDEND
 The cooking oil maker dropped 8.96 percent to 19.3 baht,its lowest since April 16, as it traded ex-dividend.
 The company has said it would pay a dividend of 1.30 bahtper share for the first six months of 2008.
 0852 GMT
 - For the Thai press digest click on [ID:nBKK211061]
 - For Thailand's IPO diary click on <TH/IPOMENU>
 - For Thailand's stock exchange news click on [TH-SET]
 - For Thailand corporate earnings: [TH-RES-RTRS]
 - For Thailand economic forecast: [POLL-ECI-TH-RTRS] ($1=34.08 Baht) (Reporting by Viparat Jantraprap; Editing by Alan Raybould)

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