January 11, 2008
BANGKOK (AFP) - Thai share prices closed 0.46 percent lower on Friday amid sustained worries over the health of the US economy, dealers said.
They said sentiment was also downbeat due to heavy losses across the region as Japanese shares dropped to a near 26-month low on concern over slowing US and Japanese economies.
The Stock Exchange of Thailand(SET) composite index fell 3.71 points to 796.47 and the blue-chip SET-50 index slipped 3.30 points to 576.92.
Losers led gainers 191 to 115, with 129 stocks unchanged on turnover of 1.79 billion shares worth 15.24 billion baht (462 million dollars).
The Thai baht closed at a new 10-year high of 33.14-16 to the dollar, compared with 33.16-21 on Thursday. Against the euro, the Thai unit was quoted at 48.77-49.00 from 48.66-71.
"Investors remain worried over a slump in the US economy," Mayuree Chowvikran, vice president of Siam City Securities, said, adding the market was down due to the sluggish regional market.
Apart from the US factor, political uncertainty in Thailand continued to pressure the domestic bourse as investors took a wait-and-see stance over the shape of a new government.
"Thai politics is still unclear, prompting investors to keep selling," Mayuree said.
The People Power Party, which was set up 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 6.00 baht to 326.00, and its subsidiary PTT Exploration and Production lost 1.00 to 151.00. But energy firm Banpu gained 12.00 to 394.00.
The kingdom's top lender Bangkok Bank rose 1.00 to 113.00.
Thai Airways International increased 1.50 at 33.50, and Thailand's biggest mobile phone operator, Advanced Info Service, edged down 0.50 to 96.00.
