Bloomberg News

Thailand Stock Movers: Bangkok Bank, Bank of Ayudhya, Seafco

December 30, 2011

Dec. 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 rose 0.1 percent to 1,025.32, its first gain in seven days. The benchmark index lost 0.7 percent this year, its first annual drop since 2008.

Bangkok Bank Pcl (BBL TB), the nation’s biggest bank by assets, rose 0.3 percent to 153.5 baht. The company sold a 30 percent stake in Sammitr Motors Manufacturing Pcl for 157.5 million baht ($5 million), it said yesterday.

Bank of Ayudhya Pcl (BAY TB), a Thai lender, slipped 0.9 percent to 22 baht after Maybank Kim Eng Securities Thailand Pcl downgraded the stock to “hold,” citing limited scope for further price gains.

The stock has rallied 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 Kim Eng’s 22-baht target price, analyst Woraphon Wiroonsri wrote today in a note to clients.

Seafco Pcl (SEAFCO TB), a construction company, gained 1.3 percent to 3.08 baht. The company won a 425 million-baht contract to build part of a new underground railway line in Bangkok, it said today in a regulatory filing.

--Editor: Matthew Oakley

To contact the reporters on this story: Tony Jordan in Bangkok at tjordan3@bloomberg.net; Berni Moestafa in Jakarta at bmoestafa@bloomberg.net

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


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