March 4, 2008
BANGKOK (AFP) - Thai share prices closed 1.37 percent lower on Tuesday as the regional market slumped on ongoing fears over a US economic slowdown, dealers said.
They said investors dumped shares across the board and reacted little to the government's widely expected 40-billion-baht (1.3-billion-dollar) package aimed at shoring up the country's flagging economy.
The Stock Exchange of Thailand (SET) composite index fell 11.51 points to 831.41 and the blue-chip SET-50 lost 10.40 points to 600.33.
Losers led gainers 232 to 115, with 104 stocks unchanged on turnover of 3.39 billion shares worth 19.79 billion baht (626.28 million dollars).
The Thai baht closed at a new 10-year high of 31.58-60 against the dollar, little moved from Monday's 31.60-61. Against the euro, the Thai unit was quoted at 47.95-48.00 from 47.91-97.
"The Thai market fell today in line with other regional markets," said Adisak Kammool, market strategist at KGI Securities.
The market slumped as investors dumped energy, banking and tech shares, Adisak said.
Investors failed to react positively to the government's stimulus package that includes tax cuts as the economic boosting scheme was well in line with the market's expectation, he said.
In announcing the package, Finance Minister Surapong Suebwonglee said Tuesday he hoped the scheme would help spur Thailand's economy to grow by at least six percent this year.
The economy rose 4.8 percent in 2007, ranking among the lowest in Southeast Asia.
Thailand's biggest energy firm PTT fell 6.00 baht to 330.00 and its subsidiary PTT Exploration and Production lost 5.00 to 153.00.
Thailand's largest lender Bangkok Bank shed 3.00 to 128.00, while the kingdom's biggest mobile phone operator, Advanced Info Service, also declined 3.00 at 101.00.
Shares in Thai Airways International was unchanged to 31.50.
