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Thai Hot Stocks - Banpu, CP Foods up
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Wednesday September 6, 5:45 PM

Thai Hot Stocks - Banpu, CP Foods up

BANGKOK, Sept 6 (Reuters) - Thailand's benchmark stock index was up 1.30 points, or 0.19 percent, at 702.40 points at 0934 GMT on Wednesday.

Stocks on the move included:

- Coal miner Banpu rose 1.4 percent to 144 baht after the Indonesian Supreme Court ordered the revocation of a 5 percent tax on coal exports, analysts said.

Banpu shares fell almost 1 percent in early trade on concerns about pollution at its Trubaindo mine in Indonesia -- its second largest earner -- which might lead to a production suspension, they said.

Broker Thanachart Securities said in a note to clients the implementation of the export tax revocation would help save the firm around 900 million baht per year, more than the losses from a suspension.

0934 GMT

- CP Foods rose 1 percent to 5.05 baht after a news report quoted an official of the chicken producer as saying its chicken processing operations met strict animal welfare standards.

An animal welfare group had said producers treated chickens inhumanely and urged people to boycott fast food chicken stores.

0934 GMT

- Amata Corp fell 3.4 percent to 14.1 baht, having hit an 8-month low of 14 baht after the biggest industrial estate developer said it had cut its 2006 land sales and revenue targets due to slower foreign direct investment during a domestic political crisis.

See [ID:nBKK105268] for full story

0935 GMT

- Thai Petrochemical Industry fell 1.3 percent to 7.4 baht after rising to 7.55 baht in early trade as the exchange lifted the non-compliance sign from its securities and exempted the operator of Southeast Asia's largest petrochemical complex from delisting.

0935 GMT

- Land & Houses , the biggest housing firm, rose 3.4 percent to a 2-week high of 7.6 baht and Asian Property was unchanged at 3.54 baht, having hit 3.56 baht, due partly to expectations of lower interest rates, dealers said.

The Bank of Thailand kept its benchmark 14-day repurchase rate unchanged at 5.0 percent as expected on Wednesday.

It was expected to start cutting the policy rate in the first half of 2007 in response to weaker economic growth and possible U.S. rate cuts, a Reuters poll shows.

0935 GMT

- For the Thai press digest click on [ID:nBKK15822]

- For Thailand's IPO diary click on

- 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=37.37 Baht)

 


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