Dec. 30 (Bloomberg) -- Bank of Ayudhya Pcl, a Thai lender, fell to a two-week low in Bangkok trading after Maybank Kim Eng Securities Thailand Pcl downgraded the stock to “hold” because of the limited scope for further price gains.
The shares fell 0.9 percent to 22 baht as of 11:08 a.m. local time, poised for its lowest close since Dec. 15.
The stock has rallied 20 percent over the past month on speculation Bank of Ayudhya may buy HSBC Holdings Plc’s retail banking business in Thailand, and there is now “limited upside” to Maybank King Eng’s target price for the stock of 22 baht, analyst Woraphon Wiroonsri wrote today in a note to clients.
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