January 10, 2008
BANGKOK - Thai share prices closed 2.47 percent lower on Thursday as selling spread across the board amid sustained concerns over a possible recession in the US economy, dealers said.
They said investors dumped key domestic blue-chip stocks including banking and energy shares due to uncertainty over the shape of a new government following last month's elections, according to AFP.
The Stock Exchange of Thailand (SET) composite index fell 20.29 points to 800.18, while the blue-chip SET-50 index lost 18.24 points to 580.22.
Losers outnumbered gainers 251 to 75, with 108 stocks unchanged on turnover of 1.69 billion shares worth 15.30 billion baht (461 million dollars).
The Thai baht closed at a 10-year high of 33.16-21 to the dollar, little changed from Wednesday Against the euro, the Thai unit was quoted at 48.66-71 from 48.79-84.
"Investors sold blue-chip stocks throughout the day due to fears over (a slowdown) in the US economy," said Chai Chirasevenupraphand, a market strategist at Capital Nomura Securities.
"The market was also down as investors awaited clarity over Thai politics," Chai said.
The People Power Party, which was created by allies of deposed premier Thaksin Shinawatra, won nearly half of the 480 seats in parliament in December polls, the first election since last year's coup ousting Thaksin.
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 fell 16.00 baht to 332.00, and its subsidiary PTT Exploration and Production lost 7.00 to 152.00. Energy firm Banpu declined 14.00 to 382.00.
The kingdom's top lender Bangkok Bank slipped 1.00 to 112.00.
Thai Airways International was down 1.50 at 31.50, and Thailand's biggest mobile phone operator, Advanced Info Service, lost 1.00 to 96.50.
