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STOCKS NEWS THAILAND-Kasikornbank at record; seen as laggard
February 4, 2013 / 9:37 AM / 5 years ago

STOCKS NEWS THAILAND-Kasikornbank at record; seen as laggard

Shares in Kasikornbank Pcl rose 2.4 percent to 210 baht, climbing at one point to an all-time high of 211 baht, helped by its strong 2013 earnings outlook and as the stock was seen as a laggard among banking stocks this year.

The stock has risen 8 percent so far this year, trailing its larger peers such as Krung Thai Bank, which gained 21.9 percent and Bangkok Bank, which has risen 12.5 percent.

Twenty five analysts out of the 28 tracking the bank rated the stock a ‘buy’ or ‘strong buy’ and three had a ‘hold’, according to Thomson Reuters Starmine.

Kasikornbank showed outstanding earnings growth for 2012 and is expected to see loans and earnings growth in 2013 in line with the broad banking sector and the overall Thai economy, analysts said.

1620 (0920 GMT)

(Reporting by Viparat Jantraprap in Bangkok; Editing by Prateek Chatterjee)

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11:48 STOCKS NEWS THAILAND-Index breaks 1,500 barrier; commodity shares lead

Thailand’s main SET index .SETI surged above 1,500 points amid selective buying in laggard sectors and dividend-yielding stocks, including energy shares such as PTT Pcl PTT.BK, with the upward momentum of the broad market underpinned by fund inflows.

The SET index was up 0.53 percent at 1,507.20, after climbing at one point to 1,511.95, the highest in more than 18 years. Shares in PTT, the most actively traded, gained as much as 2.3 percent to 362 baht, an 11-month high.

Thailand’s main stock market has risen 8.3 percent so far this year, Southeast Asia’s third-best performer after Vietnam’s 17.4 percent gain and the Philippines’ 10.9 percent rise.

“Fund inflows will continue in the short term, which is an uncontrollable factor or market risk. If the SET can break through and remain above 1,500 points today, we would selective buy laggard sectors and stocks...,” Krungsri Securities said in a report.

Maybank Kim Eng Securities expected energy and petrochemical shares to outperform the market in the first quarter, driven by a recovering world economy. It said PTT valuation was relatively cheap, with good dividend returns.

1132 (0432 GMT)

Reporting by Viparat Jantraprap in Bangkok; Editing by Anupama Dwivedi

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