Yoma

Yoma is down 7.2% to $0.385 after rallying almost 33% from recent low on 21 May, possibly on news that Myanmar President Thein Sein has removed 2 deputy ministers with economically important portfolios. This is the first significant change to his govt since it took office 15 months ago, reinforcing speculation a broader cabinet reshuffle to push reforms may be in the works. Tint Lwin of the Ministry of Post and Telecoms and Soe Aung, who held the deputy energy portfolio, could have been axed from their posts as part of the president's drive to court more foreign investment with speculation rife that as many as 5 ministers could be sacked for corruption. A govt audit had found evidence of rampant graft in 6 ministries under the former military junta that ruled until last year.