February 11, 2008
BANGKOK (AFP) - Thai share prices closed 0.28 percent lower on Monday amid sustained fears among investors over a recession in the United States economy, dealers said.
They said the Thai market moved in line with other markets in the region, although investors were optimistic that the new elected government would unveil a stimulus package for the economy.
The Stock Exchange of Thailand (SET) composite index fell 2.29 points to 804.15 and the blue-chip SET-50 fell 2.33 points to 579.04.
Losers led gainers 189 to 140, with 114 stocks unchanged on turnover of 2.85 billion shares worth 16.03 billion baht (4.85 billion dollars).
The Thai baht closed at 32.92-93 against the dollar, little changed from Friday's 32.93-94. Against the euro, the Thai unit was quoted at 47.88-93 from 47.70-75.
"The market today fell in line with other markets around the region, like Hong Kong and South Korea. That mainly reflected investors' ongoing fears over a slump in the US economy," said Pichai Lertsupongkit, senior vice president of Thanachart Securities.
Although the market rose in the morning, it fell later in the day following losses in the region. Trading was slow in key sectors, including energy, banking and property, he said.
"But investors still hope to see a stimulus package from the government, and expect the Bank of Thailand to have some market-friendly measures," Pichai said.
Thailand's new Finance Minister Surapong Suebwonglee will meet with the central bank on Tuesday to map out the new government's economic plans, raising hopes for a stimulus package to lift the kingdom's sluggish economy.
Thailand's biggest energy firm PTT fell 2.00 baht to 316.00 but its subsidiary PTT Exploration and Production gained 1.00 to 145.00.
Thailand's largest lender Bangkok Bank added 1.00 to 122.00. The kingdom's biggest mobile phone operator, Advanced Info Service, was up 0.50 at 97.50.
Shares in Thai Airways International slipped 0.25 to 34.00.
