Thailand´s second-largest developer Preuksa Real Estate led a surge in stocks yesterday as the Consumer Confidence Index (CCI) rose for the first time since January – an indication that residential sales could be on the upswing.
The company´s shares rose 4.3 percent to Bt8.45m in trade worth about Bt12m.
Land & Houses, the country´s largest developer, also made gains climbing 4.3 percent to Bt4.9 – putting an end to a four-day slide that saw it lose 10 percent of its value.
Asian Property Development also increased its share advancing 2.4 percent to Bt4.30, its biggest increase since June 19.
Property stocks rose following a survey by the University of the Thai Chamber of Commerce (UTCC), which saw the CCI increase to 72.5 points in June from a static 71.5 points in May.
A score below 100 indicates a gloomy outlook, however, it is the first time in five months that the index has moved in a positive direction. Figures are based on a nationwide survey of 2,245 respondents.
CCI figures for the economy (65.4), employment opportunities (64.7) and future income (87.4), all made small gains – edging up from 64.3, 63.8 and 86.8 respectively.
“The rebound is based on hopes that the situation will improve after parliament authorised the government to borrow Bt800m for its [2010-12] stimulus package,” said Saowanee Thairungroj, vice president of UTCC´s research division.
http://www.property-report.com/property-news-printer-version.php?file=aprarchives&id=2669
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