January 29, 2008
BANGKOK (AFP) - Thai share prices closed 1.41 percent higher on Tuesday as they recovered some of their losses from the previous trading session, with the energy sector rebounding, dealers said.
They said the Thai market rose in line with other regional markets, and that investors were still worried over a possible recession in the United States.
The Stock Exchange of Thailand (SET) composite index rose 10.51 points to 754.87 and the blue-chip SET-50 gained 9.11 points to 542.70.
Gainers far outnumbered losers 233 to 90, with 101 stocks unchanged on turnover of 1.53 billion shares worth 14.5 billion baht (440.37 million dollars).
The Thai baht closed at 33.04-05 against the dollar, unchanged from Monday's close. Against the euro, the Thai unit was quoted at 48.77-85 from 48.59-66.
"The market rebounded technically today following recent losses," said Pichai Lertsupongkit, senior vice president of Thanachart Securities.
The Thai bourse rose in line with regional markets amid hopes for a US interest rate cut this week, dealers said.
Investors were focused on the Fed's two-day meeting that ends Wednesday to see what further interest rate relief the US central bank would offer to ward off recessionary risks.
Most analysts expect the Fed to trim at least another quarter point off its base federal funds interest rate, currently pegged at 3.50 percent.
Even with the US rate cut, Pichai warned that investors could dump shares again amid sustained worries over a recession in the US economy.
Thailand's biggest energy firm PTT gained 6.00 baht to 310.00 and its subsidiary PTT Exploration and Production rose 4.00 to 139.00. Major energy firm Banpu surged 36.00 to 440.00.
Thailand's largest lender Bangkok Bank gained 4.00 to 112.00 and the kingdom's biggest mobile phone operator, Advanced Info Service, added 1.50 to 95.50.
Shares in Thai Airways International also edged up 0.50 to 31.50.
