January 3, 2008
BANGKOK (AFP) - Thai share prices closed 1.23 percent lower on Thursday amid concern over a recession in the US economy and inflation fears after oil prices hit a record 100 dollars per barrel, dealers said.
They said sentiment was also downbeat as Hong Kong and Singapore stocks fell sharply following a tumble on Wall Street Wednesday.
The Stock Exchange of Thailand (SET) composite index fell 10.34 points to 832.63, while the blue-chip SET-50 index lost 8.13 points to 608.77.
Losers led gainers 123 to 113, with 91 stocks unchanged on turnover of 2.2 billion shares worth 18.3 billion baht (546 million dollars).
The Thai baht held firm against the dollar, closing at 33.44-45 from Wednesday's 33.59-60. Against the euro, the Thai unit was quoted at 49.20-22, little changed from Wednesday.
"Sentiment was very sluggish throughout the day due to concerns over a recession" in the US economy, said Chai Chirasevenupraphand, a market strategist at Capital Nomura Securities.
"Investors were also concerned over a spike in global inflation" in line with soaring oil prices," Chai said.
World oil prices eased in Asian trading on Thursday after earlier sending a shudder through the global economy by hitting a record 100 dollars per barrel on Wednesday for the first time.
Thailand's biggest energy firm PTT fell 8.00 baht to 360.00, but its subsidiary PTT Exploration and Production rose 2.00 to 159.00. Thai Oil shed 1.50 to 83.50.
The kingdom's top lender Bangkok Bank declined 1.00 to 115.00.
Thai Airways International slipped 0.75 to 37.75 and Thailand's biggest mobile phone operator, Advanced Info Service, lost 1.00 to 95.50.
