February 18, 2008
BANGKOK (AFP) - Thai share prices closed 0.20 percent lower on Monday amid ongoing investor jitters over the health of the US economy, dealers said.
They said the market had already factored in an ambitious spending plan unveiled by Prime Minister Samak Sundaravej to parliament on Monday, which had been widely expected.
The Stock Exchange of Thailand (SET) composite index fell 1.66 points to 824.99 and the blue-chip SET-50 lost 2.23 points to 595.82.
Gainers led losers 199 to 114, with 126 stocks unchanged on turnover of 2.20 billion shares worth 15.00 billion baht (454.75 million dollars).
The Thai baht closed at 32.53-55 against the dollar, little changed from Friday's 32.52-54. Against the euro, the Thai unit was quoted at 47.58-66 from 47.75-78.
"The market today traded narrowly since investors remained on the sidelines. They still feared over stagflation and a recession of the US economy," said Pichai Lertsupongkit, senior vice president at Thanachart Securities.
Pichai said that the Thai market was quiet, similar to other markets in the region because investors were waiting for fresh leads.
He said investors were also waiting for a decision by the Election Commission on allegations of vote fraud against speaker of parliament Yongyut Tiyapairat.
If the commission brings the charges to court and Yongyut is convicted, he could be removed from office.
"If guilty, that could lead investors back to worrying about political uncertainty again," Pichai said.
Thailand's biggest energy firm PTT fell 2.00 baht to 326.00 and its subsidiary PTT Exploration and Production also fell 3.00 to 151.00.
Major energy firm Banpu fell 16.00 to 464.00.
Thailand's largest lender Bangkok Bank was unchanged at 125.00, and the kingdom's biggest mobile phone operator, Advanced Info Service, rose 2.00 at 103.00.
Shares in Thai Airways International edged up 0.25 at 32.75.
