Thai Hot Stocks-Index down 2.8 pct on global economic worries
BANGKOK, Nov 11 (Reuters) - Thailand's benchmark stock index .SETI was down 2.8 percent at 443.50 at 0920 GMT on Tuesday in thin turnover of 7.84 billion baht ($224 million).
Asian markets were hit by selling of blue-chip stocks due to intensified fears of a global economic downturn, dealers said.
"For the Thai market, we've got not only the effect of the global economic troubles, but political uncertainty has added to the gloom," Far East Securities senior analyst Veerachai Klongsamsri said.
Stocks on the move included:
ADVANCED INFO SERVICE ADVA.BK DOWN AFTER Q3 RESULTS
Thailand's top mobile phone operator fell 1.8 percent to 82 baht even though it reported a 29 percent rise in quarterly earnings on Tuesday as it attracted more subscribers.
Morgan Stanley said in a research note it retained its overweight rating on the company after its strong quarterly earnings, given its defensive nature on earnings and high dividend yield.
However, analysts expect earnings growth for many of Asia's telecom firms to slow in coming quarters as they feel the impact of weaker consumer spending and a general economic slowdown, which are starting to plague companies worldwide. [nBKK68160]
THAICOM THCOM.BK UP AS Q3 NET LOSS BELOWS FORECASTS
Thailand's only satellite operator rose 2.3 percent to 2.70 baht after it reported a smaller-than-expected net loss in the third quarter to 115 million baht. [nBKK000550]
THAI OIL TOP.BK DOWN AFTER Q3 NET LOSS
The top refiner dropped 2.7 percent to 21.90 baht after it reported its first quarterly net loss since listing in 2004, hurt by inventory losses and weak refining margins as a result of falling crude prices. [nBKK371348]
Kasikorn Securities said in a research note it might lower its net profit projections again after the firm reported a larger-than-expected net loss in the third quarter.
ENERGY FIRMS .SETEN DOWN AS OIL PRICES DROP
Other energy stocks were also lower after world oil prices fell 3 percent to near $60 a barrel due to a firmer dollar and renewed gloom over the global economy.
Top oil and gas firm PTT PCL PTT.BK was down 1.7 percent at 0738 GMT, while PTT Exploration and Production PTTE.BK was nearly 2 percent lower.
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- For Thailand corporate earnings: [TH-RES-RTRS]
- For Thailand economic forecast: [POLL-ECI-TH-RTRS] ($1=34.93 Baht) (Reporting by Arada Therdthammakun; Editing by Alan Raybould)
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