Thai Hot Stocks - Steel makers, oil firms down

Reuters: [2008-05-26 11:21:00]

 (Adds steel makers) 
    BANGKOK, March 26 (Reuters) - Thailand's benchmark stock 
index <.SETI> was down 21.13 points, or 2.41 percent, at an 
one-week low of 854.46 points at 0846 GMT on Monday. 
    Thai stocks fell as weak overseas markets, high oil prices 
and political uncertainty at home weighed on investor sentiment, 
analysts said. 
     
    Stocks on the move included: 
     
    STEEL MAKERS TUMBLE AFTER RECENT RISES 
    Shares in steel makers fell after hitting their highest 
levels in more than one-year on Friday in the wake of positive 
broker comments on the sector due to higher global steel prices 
and demand. 
    By 0842 GMT, shares in top hot-rolled steel coil maker 
Sahaviriya Steel Industries <SSI.BK> were down 6.82 percent at 
1.23 baht, G Steel PCL <GSTE.BK> fell 4.07 percent lower to 1.65 
baht and Nokornthai Stripe Meel <NSM.BK> slid 9.52 percent. 
     
    SOLARTRON <SOLA.BK> 
    The solar energy firm surged 18.2 percent to 2.86 baht, 
having hit its highest since March 11 of 2.96 baht, after the 
Energy Ministry said it would encourage households to use more 
solar cells. 
     
    ENERGY SHARES <.SETEN> DOWN ON INFLATION FEARS 
    Oil firms dropped 2.6 percent as worries about the 
inflationary impact of high oil prices, which topped $135 a 
barrel last week, took centre stage, analysts said. 
    Shares in PTT PCL <PTT.BK> fell 3.2 percent to a 10-day low 
of 360 baht, while PTT Exploration and Production <PTTE.BK> 
dipped 3.5 percent to 193 baht. 
     
    REFINERS DOWN ON GOVERNMENT CALL FOR REFINERY MARGIN CUTS 
    Refiners were also hit after the Energy Ministry said it had 
asked big refiners to cut refinery margins in a bid to ease the 
impact of rising diesel prices to consumers. 
    Thai Oil <TOP.BK> fell 7.4 percent to 62.50 baht, having 
dropped to its lowest since April 2007 of 62 baht, PTT Aromatics 
and Refining <PTTAR.BK> fell 5.04 percent to 28.25 baht and 
Bangchak <BCP.BK> was off 1.55 percent at 12.70 baht. 
    "If the policy is implemented, it will be negative to listed 
refining companies and PTT, as a major shareholder," KGI 
Securities analyst Sutthichai Kumworachai said. 
     
    - For the Thai press digest click on [ID:nBKK304799] 
    - For Thailand's IPO diary click on <TH/IPOMENU> 
    - For Thailand's stock exchange news click on [TH-SET] 
    - For Thailand corporate earnings: [TH-RES-RTRS] 
    - For Thailand economic forecast: [POLL-ECI-TH-RTRS] 
 ($1=32.14 Baht) 
 (Reporting by Arada Therdthammakun; Editing by Ed Davies) 
 ((arada.therdthammakun@reuters.com; +662 648 9732, Reuters 
Messaging: arada.therdthammakun.reuters.com@reuters.net)) 
     
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Keywords: MARKETS THAILAND/STOCKS  
    

DIARY - Egypt/Sudan - May 26

Reuters: [2008-05-26 07:56:00]

This diary is updated daily. New listings or amendments are marked *. All events/times provisional and in GMT (local time is GMT +3 for Egypt, GMT +3 for Sudan).

TODAY'S EVENTS

CAIRO - Euromoney conference on Egyptian real estate, at Semiramis Hotel.

COMING EVENTS

TUESDAY, MAY 27

CAIRO - The third annual private insurance funds conference starts for two days, attended by the minister of investment, insurance companies and funds executives.

THURSDAY, MAY 29

CAIRO - Egypt to choose international consultants for its planned nuclear power station.

TUESDAY, JUNE 3

CAIRO - An Islamic Finance forum at the Conrad Hotel from 0845 local.

SUDAN - U.N. Security Council members tour Sudan, through June 5.

CAIRO - Delta Airlines has a news conference on their new Cairo-NYC flight, 0830 GMT.

SATURDAY, JUNE 7

CAIRO - Court session in private lawsuit against Egyptian academic Saadeddin Ibrahim for damaging Egypt's reputation abroad.

THURSDAY, JUNE 19

CAIRO - Telecommunications Regulatory Authority deadline for bids for Egypt's second fixed-line telephone licence.

TUESDAY, JUNE 24

SHARM EL-SHEIKH - Two-day meeting of African Union experts to prepare for AU summit.

THURSDAY, JUNE 26

CAIRO - Central bank's monetary policy committee meets.

FRIDAY, JUNE 27

CAIRO - Central bank issues statement on monetary policy.

SHARM EL-SHEIKH - Two-day meeting of African Union Executive Council to prepare for AU summit.

MONDAY, JUNE 30

SHARM EL-SHEIKH - Two-day African Union summit.

THURSDAY, JULY 17

ALEXANDRIA - Wikimania 2008 conference at Alexandria Library, organised by the Wikimedia Foundation, through Saturday.

THURSDAY, AUGUST 7

CAIRO - Central bank's monetary policy committee meets.

FRIDAY, AUGUST 8

CAIRO - Central bank issues statement on monetary policy.

THURSDAY, SEPTEMBER 18

CAIRO - Central bank's monetary policy committee meets.

FRIDAY, SEPTEMBER 19

CAIRO - Central bank issues statement on monetary policy.

THURSDAY, NOVEMBER 6

CAIRO - Central bank's monetary policy committee meets.

FRIDAY, NOVEMBER 7

CAIRO - Central bank issues statement on monetary policy.

THURSDAY, DECEMBER 25

CAIRO - Central bank's monetary policy committee meets.

FRIDAY, DECEMBER 26

CAIRO - Central bank issues statement on monetary policy.

NOTE-Inclusion of diary items does not necessarily mean that Reuters will file a story on the event.

Key world financial events diary [KEY/DIARY]

International political diary [POL/DIARY]

Full index of available diaries [IND/DIARY] ((Cairo newsroom +202 2 578 3290/1, fax +202 577 1133, cairo.newsroom@reuters.com))

Keywords: EGYPT DIARY

PRESS DIGEST - Malaysia - May 26

Reuters: [2008-05-26 03:00:00]

Following are the main stories in Malaysian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

THE STAR (www.thestar.com.my)

- In response to constant criticism over the current electoral roll, the Election Commission has proposed that a new list of voters be drawn up. This will require 10.9 million voters to re-register as voters.

NEW STRAITS TIMES (www.nst.com.my)

- The government will announce a revision of the fuel subsidy soon, the Second Finance Minister Nor Mohamed Yakcop said. The cabinet committee was conducting a review on the fuel subsidy as it had to be dealt with immediately, he added.

- Maritime patrols around Pedra Branca and Middle Rocks should be conducted jointly with Singapore as the two features were close to each other, Home Minister Syed Hamid said.

- Petronas Carigali Overseas Sdn Bhd, a subsidiary of the national oil firm Petronas, has withdrawn its 80 percent interest from an oilfield in the Philippines after it failed to find enough oil.

THE EDGE FINANCIAL DAILY (www.theedgedaily.com.my)

- Kencana Petroleum <KENP.KL> is said to be close to sealing a 500 million ringgit contract for the fabrication of multiple well-head platform from Shell Oil and Gas (Malaysia) and Sarawak Shell.

THE MALAYSIAN RESERVE (news@themalaysianreserve.com)

- Malaysian Resources Corp <MYRS.KL> is eyeing at least another two overseas ventures, one each in the Middle East and India, after formalising its $2 billion project in Saudi Arabia, the company's group managing director Shahril Ridza Ridzuan said.

- A unit of IJM Corp <IJMS.KL> has received a letter of acceptance for the 490.12 million ringgit job to construct and maintain the Seremban-Gemas double track project from India's Ircon International Ltd <IRCO.BO>.

THE SUN (www.sun2surf.com)

Despite an earlier announcement that the second Penang bridge project had been delayed by nine months due to design and rising costs, Second Finance Minister Nor Mohamed Yakcop confirmed that it will be completed by 2011.

** Looking for more information from local sources? Reuters Business Briefing has 13 Malaysian sources including Business Times Malaysia. For details of the product please call your local help desk (PHONE/HELP). ((Kuala Lumpur newsroom, +60 3 2333 8046; fax +60 3 2072-6752, areuters@gmail.com)) ($1=3.163 Malaysian Ringgit)

PRESS DIGEST-Australian Business News - May 26

Reuters: [2008-05-25 22:56:00]

Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy.

THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)

-- The Australian arm of China's Sinosteel is 'seriously interested' in buying an 8 percent stake in Fortescue Metals Group <FMG.AX> held by United States (US)-based Harbinger Capital Partners. While the US fund owns a 16 percent interest in Fortescue, Sinosteel Australia deputy general manager William Ren said Harbinger was only willing to sell half its stake. Fortescue founder Andrew Forrest has become Australia's richest man on the back of Fortescue's shareprice, which hit an intraday record of A$9.98 on Friday. Page 16.

-- Futuris Corp <FCL.AX> may escape a A$28 million-plus damages claim by cattle producer Australian Agricultural Company (AAco) after it forced the resignation of AAco chairman Nick Burton Taylor last week. At issue is a cattle supplement supplied to AAco by Futuris-owned rural services business Elders. In its damages suit, launched in the Northern Territory, AAco said the supplement caused fertility problems in its herd. But newly appointed directors are expected to be more sympathetic to Futuris, which has a 43 percent stake in AAco. Page 16.

-- Local private equity players are turning to mezzanine debt to fund upcoming deals, an Ernst & Young survey shows. While so-called junior debt is comparatively expensive, Ernst & Young partner Bryan Zejulich says it is 'an important source of funding because it adds some flexibility...[and] can provide some tactical advantages' for borrowers. Several leveraged buyouts are expected to be completed in Australia next month. Page 17.

-- Building, sugar and aluminium conglomerate CSR <CSR.AX> has appointed Dyno Nobel's <DXL.AX> head of finance, Shane Gannon, as its new chief financial officer. Mr Gannon departs Dyno as the explosives maker fends off a A$3.3 billion takeover bid by fertiliser group Incitec Pivot <IPL.AX>. He will replace Anne Brennan, who resigned from CSR in January. Under chief executive Jerry Maycock, who joined CSR in April last year, the company has embarked on a restructure in a bid to increase productivity across its divisions. Page 17.

THE AUSTRALIAN (www.theaustralian.news.com.au) -- Chameleon Mining <CHM.AX> is expected to lodge A$1.7 million with the Federal Court today as security for a lawsuit against Murchison Metals <MCH.AX>. The dispute centres on the rights to the Jack Hills and Weld Range projects in the West Australian Mid West region. Chameleon, which boasts former National Rugby League star Ben Elias as a director, re-listed on the Australian Securities Exchange last year after collapsing in 2004 under a debt cloud. Page 29.

-- Westpac Banking Corp <WBC.AX> and St George Bank <SGB.AX> are expected to announce a merger agreement as early as today following a fortnight's due diligence. The agreement will ensure the St George brand is preserved, although ABN Amro analyst Jarrod Martin says the resulting cost efficiencies will be 'at the low end of precedent transactions.' He cites ANZ's <ANZ.AX> takeover of the National Bank of New Zealand, which was also based on a dual-branding strategy. Page 29.

-- Wizard Home Loans founder Mark Bouris is believed to have negotiated a deal to take back control of the company he and James Packer sold to GE Money for A$500 million four years ago. The Wizard franchise, which sells around 2.5 percent of all Australian mortgages, has struggled over the past year due to weaker credit markets. Mr Bouris, who still chairs Wizard, has asked GE to invest millions of dollars to fund a new entity called One Corp. However, the deal could be derailed if GE opts to sell Wizard under an alternative plan. Page 29.

-- Higher oil prices and a weaker lead from Wall Street are expected to undermine a recent rally on the Australian stockmarket. AMP Capital economist Shane Oliver predicts the market will shed about 5 percent in the next few months after the Dow Jones Industrial Average fell 3.9 percent last week. 'We're now going back into a period of turbulence,' Mr Oliver said. Surging oil prices and a corresponding slide in consumer spending were also weighing on sentiment, he said. Page 30.

THE SYDNEY MORNING HERALD (www.smh.com.au)

-- The value of Westpac Banking Corp's scrip offer for St George Bank has dropped by about A$6 billion to A$60 billion since the deal was announced a fortnight ago, following a gradual A$3.46 slide in Westpac shares to A$22.51. While both parties are set to unveil the terms of the merger as soon as today, the final implementation agreement is still subject to various regulations that could delay formal notification to the Australian Securities Exchange for several days. Page 23.

-- BHP Billiton <BHP.AX> is yet to file regulatory applications in the European Union (EU) for its proposed takeover of Rio Tinto <RIO.AX>. BHP was due to file paperwork with EU authorities by early April, but is now expected to do so next month. The Australian Competition and Consumer Commission is also waiting on applications from BHP. The delay has heightened doubts over its ability to buy Rio, with international steel makers opposing the merger on competition grounds. Page 23.

-- Transport ticketing firm ERG <ERG.AX> is expected to resume trading on the stock exchange today after a four-month hiatus due to debt problems. In a statement to the Australian Securities Exchange, ERG said 'there are reasonable grounds to believe that the company will be able to repay its debts as and when they become due and payable.' ERG has embarked on a restructure that will deliver control to key shareholder Duncan Saville; in return, Mr Saville's loans to the company will be converted to equity. Page 25.

-- Brian Gilbertson's Pallinghurst Resources has bought a 7 percent stake in Sydney explorer Jupiter Mines <JMS.AX>, six months after withdrawing from a bidding war for Perth-based Consolidated Minerals. In concert with two London-listed companies, Pallinghurst has a relevant interest in 16.7 percent of Jupiter. Mr Gilbertson, a South African, was ousted as chief executive of BHP Billiton in 2003 after he planned a merger with Rio Tinto without his board's authorisation. Page 25.

THE AGE (www.theage.com.au)

-- Australian Competition and Consumer Commission chairman Graeme Samuel has backed proposed changes to the Trade Practices Act that would broaden the regulator's investigative powers. In the past, companies have used a section of the act to withhold documents relevant to an investigation. In March, the Federal Court sentenced John Rana to six months in prison after his company, NuEra Wellness, refused to hand over documents as part of an investigation into alleged misleading and deceptive conduct. Page B1.

-- Investments in plantations led to a 10 percent rise in forestry exports in 2006-07, an Australian Bureau of Agricultural and Resource Economics (ABARE) report shows. At the same time, imports of forest products rose by 6.3 percent to A$4.3 billion, against the total A$2.4 billion in exports, creating a trade deficit of A$1.9 billion. Import growth was led by wood-based panels and paper and paperboard. ABARE executive director Phillip Glyde said the housing slowdown had reduced domestic demand for local forest products. Page B2.

-- Gene silencing specialist Benitec <BLT.AX> has suspended a rights issue to shareholders amid concern over the terms of a contract with the Commonwealth Scientific and Industrial Research Organisation (CSIRO). Under a capital growth agreement, Benitec is obliged to pay CSIRO 5 percent of any increase in its market value under certain conditions. Benitec said on Friday that feedback from the underwriter of the rights issue justified an 'adjustment' to its CSIRO contract. Page B3.

-- Cruise-ship operators are struggling due to inadequate port infrastructure in Australia, an Access Economics report has found. 'Many of these problems...arise from facilities being designed for cargo purposes...with cruise ships being a mere 'afterthought',' the report said. Many larger cruise ships were struggling to get access to major Australian cities, with some ships too tall for Sydney Harbour Bridge and Brisbane's Gateway Bridge, the report noted. Page B6. ((Sydney Newsroom +61-2 9373 1800; sydney.newsroom@reuters.com)) Keywords: DIGEST AUSTRALIA BUSINESS

ASEC Mining extends gains, helps Egypt bourse up

Reuters: [2008-05-25 14:42:00]

CAIRO, May 25 (Reuters) - Egypt's main indexes rose on Sunday for the second straight session, with ASEC Mining (ASCOM) <ASCM.CA> extending gains after announcing plans to increase its capital and expand in the region, brokers said.

The stock added 6.8 percent to a 17 percent jump on Thursday after the company said it planned to buy an Algerian company and to increase its capital from 100 million Egyptian pounds ($18.7 million) to 250 million pounds.

"Egyptian retailers were buying-in as the capital increase move solved the problem of lack of liquidity in the stock," said Mohamed Fouad, the managing director at Global Securities.

"ASEC is the only listed mining company and so it has become attractive," he added. The stock last traded at 229.60 pounds.

Shares in Torah Cement <TORA.CA>, Egypt's second biggest listed cement firm, also surged after the Capital Market Authority approved its plan for a 2-to-1 share split, brokers said.

The stock last traded 13.3 percent higher at 171.99 pounds, crawling back from an all-time high price of 201 pounds during the session.

Investment services company Al Ahly for Development and Investment <AFDI.CA>, which was the second most-heavily traded stock by turnover, rose 5.1 percent to 76.01 pounds.

The stock gained more than 22 percent since Tuesday on market speculation about a possible merger with Cairo Capital Group, an investment bank. Ahly for Development and Investment has denied receiving any offer.

"The stock is overvalued but retailers are still expecting a corporate action," Fouad said.

Some big caps were also in the green such as Commercial International Bank (CIB) <COMI.CA><COMIq.L>, which rose 3.8 percent to 81.80 pounds and Orascom Construction Industries (OCI) <OCIC.CA><OCICq.L> which gained 1.5 percent to 384 pounds.

Overall, the benchmark Case 30 index <.CASE30> gained 1.3 percent to 10,803.04 points, while the Hermes index <.HRMS> rose 1.2 percent to 93,421.23 points. The broader CIBC index <.CIBC> rose 2.8 percent to 559.70 points.

($1 = 5.35 Egyptian pounds) (Writing by Wael Gamal) ((wael.gamal@thomsonreuters.com; Cairo newsroom +20 2 2578 3290/1))

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