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. 
     
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    - 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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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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UPDATE 1-U.S. says lifts travel warning for Indonesia

Reuters: [2008-05-25 11:55:00]

(Adds economist comment)

JAKARTA, May 25 (Reuters) - The U.S. State Department has lifted its travel warning for Indonesia, the U.S. ambassador in Jakarta said on Sunday, reflecting improved security and paving the way for closer ties between the two countries.

The Islamic militant group Jemaah Islamiah, which wanted to create an Islamic caliphate in Southeast Asia, carried out a series of deadly bomb attacks in Indonesia between 2002 and 2005, dealing a severe blow to the country's tourism and trade.

Following the bombings, the Indonesian authorities worked closely with foreign allies to arrest militants and step up security.

"The U.S. has lifted the warning due to objective improvements made by Indonesia in its current security situation," the U.S. embassy said in a statement.

"Indonesia has not experienced a major terrorist attack since October 2005, and the government of Indonesia has disrupted, arrested, and prosecuted numerous terrorist elements," it said. The embassy added that the warning had been in effect since November 2000 and that it was cancelled with effect from May 23.

Members of Jemaah Islamiah bombed bars in the Indonesian resort island of Bali in 2002, killing more than 200 foreigners and Indonesians. The group later bombed Western targets in the capital Jakarta, including the JW Marriott hotel and Australian embassy.

Indonesia, Southeast Asia's biggest economy, has the world's largest Muslim population.

While many U.S. firms already do business in Indonesia, including mining giant Freeport-McMoRan Copper & Gold Inc. <FCX.N>, a lifting of the travel warning should reduce security concerns and cut insurance costs for businesses operating in the country.

But economists such as Helmi Arman of Bank Danamon warned that security was only one of the many factors influencing investment flows into the country.

"Well, it is good, but the problem is this isn't only about security problems in Indonesia," he said.

"There are problems like competitiveness, label productivity, and also people's purchasing power. So if we expect that when a travel warning is lifted then investments will come, it's not really true." (Reporting by Ade Mardiyati in Jakarta; Writing by Sara Webb; Editing by Bill Tarrant) ((sara.webb@reuters.com; Reuters Messaging sara.webb.reuters.com@reuters.com; + 6221 384 6364)) Keywords: INDONESIA SECURITY/UNITED STATES

UPDATE 4-Toronto stocks fall, overpowered by profit-taking

Reuters: [2008-05-23 23:30:00]

(Adds details, quotes)

*Index takes back some losses but still ends lower

*Resources hit by profit-taking following run-up

By Leah Schnurr

TORONTO, May 23 (Reuters) - The Toronto Stock Exchange's main index trimmed some earlier losses but still ended lower on Friday, knocked down as investors locked in profits following the index's recent surge to record highs.

Resource shares stumbled even though oil and gold prices pushed higher. Potash Corp of Saskatchewan <POT.TO> was among the biggest decliners by weight, giving up C$2.40, or 1.2 percent, to C$194.40, while in the oil patch, Canadian Natural Resources <CNQ.TO> was down C$1.48, or 1.5 percent, at C$100.62.

The energy and materials sectors slid 0.6 percent and 0.5 percent respectively. The subindex of gold producers, which had managed to hold on to gains earlier in the week, dipped 0.1 percent. Barrick Gold <ABX.TO> was off 42 Canadian cents, or 1 percent, at C$41.53.

"I think we had a nice rally over the last two or three months, which has pulled back a little bit, (but) I think we've seen that happen globally," said Paul Harris, portfolio manager at Avenue Investment Management.

"Toronto has held in reasonably well because of oil and resources, as usual. That's really been the impetus that's helped it out over the last little while."

The S&P/TSX composite index <.GSPTSE> closed down 69.00 points, or 0.47 percent, at 14,723.36 with all but three of its 10 sectors dropping. It was down 1.7 percent for the week, which was shortened by the Victoria Day holiday on Monday.

The Toronto benchmark has climbed since late March, emboldened by red-hot commodity prices and optimism that the worst of the credit crunch fallout has been seen. The index vaulted over the 15,000 mark for the first time earlier in the week.

On the upside, the telecoms sector added 0.8 percent, helped in part by a bounce in shares of BCE Inc <BCE.TO> the day after a court decision put the future of its buyout in doubt and drove the stock down sharply. On Friday, BCE closed up 96 Canadian cents, or 2.9 percent, at C$33.60.

Shares of TSX Group <X.TO>, owner of the Toronto Stock Exchange, lost C$1.71, or 3.8 percent, to C$43.09 amid doubts about its technology in the wake of a service problem on Thursday that prompted the exchange to halt shares of BCE. TSX is facing competition from new rivals.

Brian Pow, vice president, research and equity analyst at Acumen Capital Partners, in Calgary, said that the index was also taken lower by generally negative economic news throughout the week, including minutes from the U.S. Federal Reserve that indicated it will pause in its aggressive interest rate-cutting campaign.

"When you saw the strong run-up in oil and the strong performance on the resource side, I think people just painted the bad news over top of that, and said maybe we should be taking some profits for the week and see if we can sort this whole thing out," Pow said.

"The Fed drawing a firm line in the sand that there's no more interest rate cuts to come was something that the market did not want to hear."

Market volume was 356 million shares worth C$7.3 billion. Decliners outpaced advancers 788 to 774. The blue chip S&P/TSX 60 index <.TSE60> closed down 4.42 points, or 0.5 percent, at 878.56.

In New York, stocks slumped amid worries over inflation in the wake of high oil prices. The Dow Jones industrial average <.DJI> was down 145.99 points, or 1.16 percent, at 12,479.63, while the Nasdaq Composite Index <.IXIC> slipped 19.91 points, or 0.81 percent, to 2,444.67. ($1=$0.99 Canadian) (Editing by Peter Galloway) ((leah.schnurr@thomsonreuters.com; +1 416 941 8056; Reuters Messaging: leah.schnurr.reuters.net@reuters.com))

Keywords: MARKETS CANADA STOCKS