January 23, 2008
BANGKOK (AFP) - Thai share prices closed 0.12 percent lower Wednesday as investors remained jittery over a slump in the United States economy, dealers said.
They said investors initially took heart from the US Federal Reserve's surprise rate cut but started selling shares amid sustained fears over a recession in the United States.
The Stock Exchange of Thailand (SET) composite index slipped 0.89 points to 740.65 and the blue-chip SET-50 fell 0.28 points to 531.17.
Losers led gainers 171 to 154 with 110 stocks unchanged on turnover of 2.52 billion shares worth 22.03 billion baht (667.7 million dollars).
The Thai baht closed at 33.11-12 to the dollar, little changed from Tuesday's 33.18-19. Against the euro, the Thai unit was quoted at 48.32-37 from 47.94-48.00.
"Like other regional markets, the Thai market is affected by investors' fears over a recession in the United States," said Pongrat Ratanatavanananda, vice president of Bua Luang Securities.
"Investors keep selling shares to avoid risks," she said.
Investors also refrained from buying stocks as they awaited the line-up of a new cabinet, which is led by the People Power Party (PPP).
The party, which is aligned with ousted premier Thaksin Shinawatra, said that it would nominate its leader Samak Sundaravej as prime minister, and parliament is expected to vote on the prime minister on Friday.
Thailand's biggest energy firm PTT gained 2.00 baht to 294.00, while its subsidiary PTT Exploration and Production rose 1.00 to 137.00.
Thailand's largest lender Bangkok Bank fell 1.00 to 106.00 and the kingdom's biggest mobile phone operator, Advanced Info Service, rose 2.00 to 98.00.
Shares in Siam Cement, Thailand's top industrial conglomerate, were unchanged at 216.
Siam Cement said Wednesday its net profit jumped 23.5 percent year-on-year to 5.8 billion baht (174 million dollars) in the three months to December due to brisk chemical business and rising oil prices.
