Bloomberg News

Thailand Stocks: Charoen Pokphand, Khon Kaen, Navanakorn, Stars

October 17, 2011

Oct. 17 (Bloomberg) -- Shares of the following companies had unusual moves in Thailand trading. Stock symbols are in parentheses and prices are as of the close in Bangkok.

The SET Index rose for a second day, climbing 1.7 percent to 971.63, the highest level since Sept. 22.

Sugar producers: Khon Kaen Sugar Industry Pcl (KSL TB) gained 6 percent to 12.40 baht, the highest since Sept. 21. Khonburi Sugar Pcl (KBS TB) jumped 6.1 percent to 10.40 baht.

Raw-sugar futures in New York rose to a four-week high as rains delayed cane crushing in India, the second-largest grower, amid signs of higher demand.

Charoen Pokphand Foods Pcl (CPF TB), Thailand’s largest producer of meat and animal feed, increased 5.3 percent to 29.75 baht on speculation meat prices will climb because of flooding. “Flooding has caused substantial damage to chicken and pig farms,” Kim Eng Securities (Thailand) Pcl, wrote in a note today. “Falling supplies will boost meat prices, bolstering Charoen Pokphand’s earnings,” the brokerage said.

Navanakorn Pcl (NNCL TB), a developer of industrial land, slid 6.5 percent to 1.30 baht, the lowest close since March 11, 2010. The government ordered the evacuation of people in the Navanakorn industrial zone in Pathum Thani on the outskirts of Bangkok today because of the flooding, Wim Roongwatanachinda, a spokesman for the national flood center, said on the state television network today.

Stars Microelectronics (Thailand) Pcl (SMT TB), a maker of electronics components, retreated 5.3 percent to 7.20 baht, the lowest since May 25, 2010. The company shut a plant in Ayutthaya province because of flooding. The company has insurance coverage totaling about 4 billion baht ($130 million) for its manufacturing facility, it said in an e-mailed statement late yesterday.

Sri Trang Agro-Industry Pcl (STA TB), the nation’s biggest publicly traded rubber producer, gained 3.7 percent to 19.60 baht, the highest close since Sept. 21. Rubber in Tokyo advanced to a three-week high after Group of 20 officials endorsed parts of a plan to avoid a Greek default and amid concern Thailand’s worst floods in more than 50 years may disrupt supply from the top exporter.

--Editor: Ravil Shirodkar

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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