September 26, 2012 / 6:30 AM / 5 years ago

STOCKS NEWS THAILAND-Maybank Kim Eng rises above 3-month highs

Shares in Maybank Kim Eng Securities climbed to their highest in more than three months on expectations that active trading in the Thai stock markets would boost the company’s third-quarter (July-September) earnings.

At the mid-session break of 0530 GMT, Maybank Kim Eng shares were up 0.7 percent at 13.9 baht, having hit 14.8 baht, their highest since June 13. The finance subindex was up 0.4 percent while the broader SET index fell 0.8 percent.

So far in the third quarter, the average daily trading value of Thailand’s main stock exchange and the smaller Market for Alternative Investment was 30.4 billion baht ($984 million), up from 29.3 billion baht ($948 million), Phillip Securities said in a report.

The broker rated the Maybank stock ‘accumulate on weakness’, with a price target of 14.1 baht.

“Maybank Kim Eng maintained its number one market share position excluding proprietary trading in this period ... thanks to an increase in proportion of trades from individual investors - the broker’s core clients which account for more than 90 percent of its total trades,” it said.

1309 (0609 GMT)

Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com

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