(Updates index, add quote)
BANGKOK, Sept 11 (Reuters) - Thailand's benchmark stock
market index .SETI turned lower and ended down 8.74 points,
or 1.33 percent, at 646.80 on Thursday after the ruling party
nominated leader Samak Sundaravej to return as prime minister,
dealers said.
The index fell to a near one-week low due to worries that
political unrest would continue after the renomination of
Samak, who had to step down on Tuesday after a court found him
guilty of a conflict of interest. [nSP118319]
"This means Thailand's political woes are still far from
over if Samak comes back," said Tisco Securities strategist
Viwat Techapoonpol.
The main index had edged higher in morning trade, when
dealers said investors had bought back shares on hopes that
the
caretaker government might lift a state of emergency in
Bangkok at the urging of Thailand's army commander.
[nBKK346629]
The state of emergency, imposed on Sept. 2 after violence
between anti- and pro-government groups, has hit the tourist
sector and damaged confidence in the economy.
Stocks on the move included:
LANNA RESOURCES LANN.BK JUMPS AFTER EARNINGS FORECAST
The coal miner and ethanol producer rose 7.22 percent to
10.30 baht after the company said 2008 revenue and net profit
would be higher than last year, boosted by higher coal prices
and rising ethanol sales.
The firm said it planned to open another mine in Indonesia
by the fourth quarter to help ease the impact of the forced
closure of one of its existing mines there. [nBKK2939]
0901 GMT
THAI VEGETABLE OIL PCL TVO.BK UP ON PRICE HIKE APPROVAL
The soybean oil producer outperformed the market, rising
2.7 percent to 22.80 baht, after local newspapers reported the
Commerce Ministry had approved an increase in soybean oil
prices of about 9 percent because of increased production
costs.
0539 GMT
SEAMICO SECURITIES ZMIC.BK UP ON OVERSEAS EXPANSION
The broker rose 0.9 percent to 2.24 baht after it said it
expected annual returns of at least 16 percent from an
investment in a Vietnamese broker and would look for other
overseas investments to offset risk at home. [nBKK349390]
MAJOR HOUSING FIRMS UP AFTER A "BUY" RATING
Top developer Land & Houses LH.BK, Quality Houses QH.BK
and Preuksa Real Estate (PS.BK) rose more than 1 percent after
Citi Investment Research said it had started coverage of the
stocks with "buy" ratings, citing the companies' cheap
valuations and consistent earnings growth. [nBKK87963]
At 0333 GMT, top housing firm Land & Houses was up 1.5
percent at 6.65 baht, recovering from Wednesday's 3 percent
fall, Quality houses edged up 1.7 percent to 1.83 baht and
Preuksa Real Estate (PS.BK) was up 1.34 percent at 7.55 baht.
0333 GMT
- For the Thai press digest click on [ID:nBKK132933]
- For Thailand's IPO diary click on <TH/IPOMENU>
- For Thailand's stock exchange news click on [TH-SET]
- For Thailand corporate earnings: [TH-RES-RTRS]
- For Thailand economic forecast: [POLL-ECI-TH-RTRS]
($1=34.62 Baht)
(Reporting by Arada Therdthammakun; Editing by Alan Raybould)
