January 25, 2008
BANGKOK (AFP) - Thai share prices closed 4.27 percent higher on Friday, ending a five-day losing streak, in line with robust gains across the region as investors welcomed a US stimulus package, dealers said.
They said foreign investors also bought back Thai blue-chip stocks following heavy losses during the week.
The Stock Exchange of Thailand (SET) composite index jumped 31.14 points to 759.72 and the blue-chip SET-50 gained 26.30 points to 547.37.
Gainers far outnumbered losers 319 to 51, with 62 stocks unchanged on turnover of 2.21 billion shares worth 21.41 billion baht (649.06 million dollars).
The Thai baht closed at 33.06-08 against the dollar, little moved from Thursday's 33.09-10. Against the euro, the Thai unit was quoted at 48.71-73 from 48.34-40.
"The market recovered on a technical rebound after heavy selling" over the week, said Sukit Udomsirikul, head of research at Siam City Securities.
The Thai bourse rose in line with sharp rises in the region as investors took heart from the US stimulus package aimed at shoring up the world's largest economy wracked by ongoing housing sector turmoil.
But Sukit said market players "remained worried over a slowing US economy" and warned investors could quickly dump shares again in the coming week.
Thailand's biggest energy firm PTT gained 26.00 baht to 314.00 and its subsidiary PTT Exploration and Production rose 9.00 to 139.00.
Thailand's largest lender Bangkok Bank added 5.00 to 112.00 and the kingdom's biggest mobile phone operator, Advanced Info Service, was up 4.00 at 94.50.
Shares in Thai Airways International gained 2.25 to 32.50.
