STOCKS NEWS THAILAND-Krungsri upgrades tech sector to overweight
Krungsri Securities upgraded technology and communication sector shares from neutral to overweight against the main Thai index, on expectations that the sector will see 37 percent growth in 2012 operating results.
"Businesses in the sector have a defensive quality that makes them resilient towards the high volatility of the market at the moment, since the profits depend mainly on domestic consumption," Krungsri said in a research note.
"This makes them less affected by risks from uncertainties in the global economy. Also, first-quarter results were better than expected for most shares," the broker said.
The broker chose Shin Corporation Pcl as its top sector pick due to its strong performance, supported by its subsidiaries, mobile operator Advanced Info Service and satellite operator Thaicom Pcl
At 1127 GMT, shares in Shin Corp were up 0.9 percent at 55.75 baht, while the broader ICT index was up 0.23 percent. ICT shares have risen 26 percent so far this year.
1128 (0428 GMT)
(Reporting by Sinsiri Tiwutanond in Bangkok; firstname.lastname@example.org)
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