Tuesday, May 19, 2009

Thai Hot Stocks-Index hits 7-month high, energy shares lead

05.19.09, 01:13 AM EDT

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BANGKOK, May 19 (Reuters) - Thailand's benchmark stock index was up 2.9 percent at 555.68, its highest since Oct. 6, at 0348 GMT on Tuesday, with big-cap energy shares leading the advancers.

However, the rise may be capped ahead of the release of U.S. housing starts after the close in Bangkok and the Bank of Thailand's review of interest rates on Wednesday, analysts said.

'Investors should be vigilant as regards drastic profit taking as a number of counters, like refinery and petrochemicals, already trade above fair values,' Broker KGI Securities said in a research note.

Stocks on the move included;

ENERGY SHARES NEAR 1-WEEK HIGH ON SURGING OIL PRICES

Top energy firm PTT rose 3.8 percent to 216 baht, having hit 217 baht, its highest since May 14, as oil prices steadied around $59 a barrel on Tuesday after settling a day earlier at a six-month high on supply concerns.

PTT Exploration and Production climbed 4.7 percent to 123.5 baht, earlier rising to 124 baht, its highest since May 13. Petrochemical and refinery firm IRPC rose 5.5 percent and PTT Aromatics jumped 6.6 percent.

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