Markets

Thai Hot Stocks-Index at 11-week low; hire purchase stocks retreat

BANGKOK : Thailand's benchmark stock index was down 1.74 percent at 1,013.71 at the midsession break on Wednesday, falli

Published September 14, 2011 Updated September 14, 2011 07:28am

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By Shoaib Ur Rehman

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The weak market sentiment was in line with global stocks hit by concerns about euro zone's sovereign debt problems.

"It's more to do with weaker investor confidence that triggered sell-offs today. Fundamentals of listed firms remain sound at this point," said Wikij Tirawannarat, senior analyst at Capital Nomura Securities.

Stocks on the move:

HIRE PURCHASE STOCKS FALL, GIVE UP EARLY GAINS ON CAR TAX

Shares in Thanachart Capital , which owns 51 percent of top car loan lender Thanachart Bank, rose as much as 2.5 percent to 30.5 baht, amid optimism the Thai government's plan to offer tax refunds for first-time car buyers would boost car purchases.

Second-ranked Tisco Financial Group gained as much as 1.3 percent to 39.75 baht and Kiatnakin Bank edged up 0.8 percent at 32.25 baht.

At 0555 GMT, Thanachart shares were down 1.7 percent at 29.25 baht, Tisco shares were unchanged at 39.25 baht and Kiatnakin shares dropped 2.3 percent to 31.25 baht.

Broker Kim Eng's Kelive Research said Thanachart was its top pick, citing its strong client base and the stock's cheap valuation, with target price of 38 baht per share.

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