January 9, 2008
BANGKOK (AFP) - Thai share prices closed 1.08 percent higher on Wednesday as foreign investors chased gains in energy-linked stocks in line with rising world oil prices, dealers said.
They said sentiment was upbeat as most regional markets closed higher.
The Stock Exchange of Thailand (SET) composite index rose 8.78 points to 820.47, while the blue-chip SET-50 index added 8.64 points to 598.46.
Losers led gainers 178 to 145, with 116 stocks unchanged on turnover of 1.8 billion shares worth 19.03 billion baht (576 million dollars).
The Thai baht closed at 33.14-26 to the dollar, little changed from Tuesday. Against the euro, the Thai unit was quoted at 48.79-48.84 from 48.94-48.99.
"Many investors bought energy-linked stocks, and sentiment was also positive as most regional markets ended higher," said Kanang Duangmanee, an economist at Kasikorn Research Center.
Energy shares alone account for nearly 30 percent of the Thai bourse.
While the market closed higher, Kanang said many investors remained cautious due to uncertainty over the form of a new government.
The People Power Party (PPP), which was set up by allies of deposed premier Thaksin Shinawatra after last year's coup, won general elections in December, securing nearly half of the seats in parliament.
But the Election Commission appointed by the military has opened dozens of vote fraud investigations that threaten the party's ability to form a coalition government.
Thailand's biggest energy firm PTT rose 12.00 baht to 348.00, and its subsidiary PTT Exploration and Production gained 7.00 to 159.00. Energy firm Banpu jumped 22.00 to 396.00.
The kingdom's top lender Bangkok Bank edged up 1.00 to 113.00.
Thai Airways International fell 1.25 to 33.00, and Thailand's biggest mobile phone operator, Advanced Info Service, lost 0.50 to 97.50.
