April 9, 2013 / 7:03 AM / 4 years ago

STOCKS NEWS THAILAND-Glow Energy snaps 3-day loss; Nomura maintains 'buy'

Shares in Glow Energy Pcl rose 3.6 percent to 72.75 baht by midday, recovering from last week's steep losses, as positive earnings prospect of the country's third-largest private power producer lured bargain hunters.

The broader SET index was down 0.8 percent at 1,477.59.

Nomura Equity Research reiterated its "buy" rating on the stock, with a 12-month target price of 84 baht, it said in a report dated April 8.

"Taken against management's reassurances that it remains very much business-as-usual at Glow Energy, we believe the 11 percent sell-off in Glow's share price... has once again driven this name into accumulation territory," the broker said.

Glow Energy stock had fallen 10.9 percent over the past three sessions as it was among the most shorted stocks in the SET index, according to stock exchange data.

Technical signs pointed to further rise, with the stock price crossing above its 50-day moving average of 72 baht, broker Thanachart Securities said in a report. It rated the stock a "buy", with a near-term target of 75 baht. 1336 (0636 GMT) (Reporting by Viparat Jantraprap in Bangkok; Editing by Anand Basu)

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