Sugar millers rally; terminal fire in Brazil boosts prices
BANGKOK Oct 21 (Reuters) - Shares in Thailand's fourth-biggest sugar miller, Khon Kaen Sugar Industry, hit a two-month high and smaller rival Khonburi Sugar rallied to a seven-month high after a fire ravaged a sugar terminal in Brazil boosting global sugar prices.
At 0443 GMT, Khon Kaen Sugar shares were up 5.6 percent at 13.2 baht, the highest since Aug. 15, with 3.8 million shares changing hands, about 9.5 times a full day average over the past 30 sessions.
Shares in Khonburi were up 6.7 percent at 10.4 baht, after surging nearly 11 percent to 10.8 baht, the highest since March 13, with 7.2 million shares changing hands, 20.1 times a full day average over the past 30 sessions.
The broader stock market was down 0.8 percent, led by falls in large cap banks.
Analysts at broker Bualuang Securities wrote in a report that the higher global sugar prices would benefit the millers but a boost to earnings will be limited because most of their sugar sales were locked in forward sale contracts. (Reporting by Viparat Jantraprap; Editing by Anand Basu)
- Tearful Thai PM urges protesters to take part in election
- Google bus blocked in San Francisco gentrification protest
- North Korea's "reign of terror" worries South's leader
- Chinese hackers spied on Europeans before G20 meeting: researcher
- Putin dissolves state news agency, tightens grip on Russia media