Bloomberg News

Thailand Stocks: Indorama Ventures Pcl, Sicco, PTT Exploration

September 30, 2011

Sept. 30 (Bloomberg) -- Shares of the following companies had unusual moves in Thailand trading. Stock symbols are in parentheses and prices are as of the 4:30 p.m. close in Bangkok.

The SET Index fell 10 points, or 1.1 percent, to 916.21, a third day of declines. The gauge sank 12 percent since June 30, its biggest quarterly loss since the final three months of 2008.

Indorama Ventures Pcl (IVL TB), a chemical producer, slid 6 percent to 27.5 baht, the lowest level since Oct. 4, 2010. The company had its share-price forecast cut to 47 baht from 62 baht at Credit Suisse Group AG, which cited an increase in interest expenses.

Sicco Securities Pcl (SSEC TB), a Thai stock brokerage, jumped 9.7 percent to 1.7 baht. CIMB Group Holdings Bhd., Malaysia’s second-largest bank, bought 70 percent of Sicco for 767.9 million baht ($25 million), or 1.72 baht per share, the company said in a statement. CIMB will offer to buy the remaining shares in Bangkok-based Sicco, according to the statement. Siam Industrial Credit Pcl (SICCO TB), which sold the stake to CIMB, gained 5.3 percent to 6 baht.

PTT Exploration & Production Pcl (PTTEP TB), Thailand’s only publicly traded oil explorer, lost 4.8 percent to 139.5 baht, the lowest close since May 25, 2010. Crude oil headed for its biggest quarterly drop in New York since the 2008 financial crisis as signs of slowing growth in China and Germany heightened concerns that fuel demand will suffer.

--Editor: Darren Boey

To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net.

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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