Briefs
SET probes movements in Post stock The Stock Exchange of Thailand is investigating major fluctuations in Post Publishing's stock price.
Post stock dropped 9.93 per cent to close at Bt6.8 each after skyrocketing for six days in a row on news that major shareholder GMM Grammy was planning to dispose of its stake in the publisher of the English-language daily Bangkok Post.
Brokerages have been asked by the SET to provide trading information on three media stocks – Post Publishing, Matichon daily, and music and entertainment giant GMM Grammy.
GMM Grammy did not make clear its intentions when it said in an earlier filing to the SET that it had not hired any financial adviser for this matter. It said it was conducting a preliminary study and no conclusion had been reached.
GMM Media holds 23.6 per cent of Post Publishing and 22.12 per cent of Matichon.
Matichon’s stock also declined as low as Bt9.1 before closing at Bt9.55, down 8.17 per cent.
GMM Grammy closed down 0.82 per cent at Bt24.5.
Post’s stock has climbed since July 17 with 10 times the highest turnover seen before. It peaked at Bt8.25 on Tuesday, versus Bt2.5-Bt3 previously.
Post said in its filing to the SET that its operations remained normal. It believes that there is no major development in the fundamental business of the company that would lead to the unusual rises in trading volume and its stock price over the past few days.
Price falls
Bangkok Dusit Medical Services stock fell 3.19 per cent to close at Bt98.75 after big lots of 44.7 million shares were executed at Bt96 each yesterday.
BGH has a total of 1.54 billion paid-up shares.
Maybank Kim Eng Securities (Thailand) reiterated in its latest research note that the big lot was selling by foreign investors to domestic institutions and general investors, possibly leading to an unusual price movements of stocks in the hospital sector.
Zaap Express expansion
S Khon Kaen Foods, the leading producer of Thai-style sausages and dried shredded pork, is going ahead with its plan to increase its Zaap Express restaurants to 200 over three years from five this year. Zaap Express offers som tam and Isaan menus.
Jaraspon Rujirasopon, marketing director for quick-service restaurants, said yesterday that after 2015, the company plans to expand its restaurant chain in the region via franchising to cash in on the Asean Economic Community. Vietnam was one of the countries he was interested in. – The Nation
