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STOCKS NEWS THAILAND-Banpu off after Indonesia's coal plan
June 5, 2012 / 6:13 AM / 5 years ago

STOCKS NEWS THAILAND-Banpu off after Indonesia's coal plan

Shares in Thailand's biggest-listed coal miner Banpu Pcl fell as much as 4 percent to their lowest in more than two years after a plan by Indonesia to control coal exports.

Banpu operates five coal mines in Indonesia.

At the mid-session break of 0530 GMT, Banpu shares were down 2.2 percent at 440 baht ($13.79), sliding at one point to 436 baht, the lowest since November 2009. The main SET index edged down 0.17 percent.

Indonesia's Energy and Minerals Minister Jero Wacik said on Monday the country needed to conserve coal for domestic use but gave no details on the scope or time frame of any curbs, pushing shares in Indonesia's coal miners down by more than 13 percent.

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1257 (0557 GMT)

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

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11:49 STOCKS NEWS THAILAND: Glow Energy falls on power plant delay

Shares in Thailand's third-largest private power producer Glow Energy Pcl GLOW.BK fell more than one percent, extending their losses for a second session, amid concerns about a delay of its power plant project and an impact on earnings.

Glow shares were trading down 1.6 percent at 62 baht ($1.94) by 0439 GMT, underperforming the energy subindex .SETEN and the broader market .SETI, which fell 0.1 percent and 0.67 percent, respectively.

Glow suffered a 4.6 percent decline on Friday, the biggest daily loss in more than three weeks.

Broker Kasikorn Securities said it rated the stock 'underperform,' with target price of 45 baht.

"GLOW's Gheco-One IPP project is set to be delayed further from the previously-guided end-of-May start date. We expect a delay of at least one month with a -3 percent net impact to our 2012 estimated profits forecast," the broker said in a report.

1140 (0440 GMT)

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

$1 = 31.9 baht

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