Tuesday, July 21, 2009

Thai Hot Stocks-Building material firms hit 11-month high

BANGKOK, July 22 (Reuters) - Thailand's benchmark stock index .SETI was up 0.6 percent at 613.43 at 0343 GMT on Wednesday.
 Stocks on the move included:
 BUILDING MATERIAL FIRMS .SETCO HIT 11-MONTH PEAK
 Building materials subindex jumped almost 1.9 percent to its highest in more than 11 months as investors snapped up shares ahead of quarterly results, analysts said.
 Top cement maker Siam Cement SCC.BK, which Macquarie upgraded to "outperform" from "neutral" on Tuesday, was up over 2 percent at 174 baht, with Siam City Cement SCCC.BK climbing 1.75 percent to 174.50 baht and Sahaviriya Steel SSI.BK, the largest hot-rolled steel coil maker, jumping 3.85 percent to 0.81 baht.
 Third-largest cement firm TPI Polene TPIP.BK soared 4.3 percent to 6.10 baht and Tata Steel TSTH.BK added 5.1 percent to 0.41 baht.
 0351 GMT
 SIAM COMMERCIAL BANK SCB.BK DOWN ON LOWER Q2
 Number three lender shed as much as 0.33 percent to 75 baht at one stage following a 10 percent drop in quarterly net profit reported after the close on Tuesday, due mainly to slow loan growth and declining net interest margins. [nBAK000829]
 Citi said in a research note it rated the shares a "sell" with a target price of 71 baht, but it was a low risk.
 "In 2009, we expect the bank to deliver the most resilient earnings among the sector, mainly driven by strong loan growth from corporate lending and a strong fee income contribution from its large retail customer base," it said.
 "Despite its premium valuation, SCB is our most preferred bank in the Thai banking space," it said.

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