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Oct. 10 (Bloomberg) -- Tipco Asphalt Pcl, Thailand’s largest asphalt producer, gained the most in more than 11 years in Bangkok trading on expectation that demand for the road- paving material will jump as floods damage roads.
The shares surged 29 percent to 51.75 baht at the close in Bangkok, the largest increase since March 2000. The stock was the second-best performer in the 485-member SET Index, which rose 1.5 percent.
“Tipco Asphalt is among the biggest beneficiaries with the current flooding crisis,” Surachai Pramualcharoenkit, an analyst at Trinity Securities Co. in Bangkok, said by phone today. “Investors are betting demand for asphalt will surge as flooding damages a lot of roads and highways.”
At least 269 people have been killed and 2.4 million displaced as a result of the seasonal monsoon rains that have hit the country since July 25, the Department of Disaster Prevention and Mitigation said today. About 30 of Thailand’s 77 provinces remain underwater, the agency said.
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