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Thai Hot Stocks-Index down; SCB bucks market fall

Fri Jul 3, 2009 2:53pm IST
 
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 (Adds SCB)
 BANGKOK, July 3 (Reuters) - Thailand's benchmark stock
index .SETI was down 0.77 percent at 581.89 in thin turnover
of 8.06 billion baht ($236.5 million) at 0841 GMT on Friday.
 Stocks on the move included:
 SIAM COMMERCIAL BANK SCB.BK OUTPERFORMS, "BUY" RATING
 The third-largest lender bucked the market drop, rising 1.8
percent to 70.75 baht after Trinity Securities said SCB was
still a top buy in the banking sector, giving a "buy" rating
with a target price of 86 baht.
 The broker expected a 15 percent drop in second-quarter net
profit to 4.9 billion baht, weighed down by slowing loan growth
and falling net interest margins.
 "Although we are concerned about the economic outlook for
this year, we believe SCB's operations will remain solid and we
prefer its conservative strategy under the current macro
environment," it said in a research note.
 "While we expect most Thai banks to report declining profit
for this year, SCB would be able to maintain," it said.
 0842 GMT
 OIL STOCKS .SETEN EXTEND LOSSES, OIL BELOW $67
 Energy shares shed over 1 percent as investors sold major
oil stocks after high jobless numbers in the United States and
Europe revived concerns about the global economic outlook and
energy demand, dealers said.
 By 0334 GMT, U.S. crude for August delivery CLc1 had
fallen another 24 cents to $66.49, its third straight session
of losses.
 Top oil and gas firm PTT PTT.BK shed 1.8 percent to a
nine-day low of 225 baht, and PTT Exploration and Production
PTTE.BK fell 1.55 percent to 127 baht, having hit 126, its
lowest since June 24.
 0337 GMT
 BANPU BANP.BK RECOUPS LOSS
 The country's largest coal mining company turned round and
rose as much as 1 percent to 327 baht. The company told Reuters
it was looking to buy coal-related assets in Southeast Asian
countries this year as part of its long-term plan to boost coal
reserves and growth. [nBKK402966]
 0339 GMT
 - For the Thai press digest click on [PRESS/TH]
 - 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=34.09 Baht)
 (Reporting by Ploy Chitsomboon; Editing by Alan Raybould)

















































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