March 5, 2008
BANGKOK (AFP) - Thai share prices closed 0.77 percent lower on Wednesday amid falls in other regional markets, dealers said.
They said fears over a US recession outweighed the positive sentiment generated by Thailand's approval Tuesday of 40-billion-baht (1.3-billion-dollar) stimulus package.
The Stock Exchange of Thailand (SET) composite index fell 6.43 points to 824.98 and the blue-chip SET-50 lost 5.81 points to 594.52.
Losers outnumbered gainers 193 to 134, with 124 stocks unchanged on turnover of 3.60 billion shares worth 18.34 billion baht (580.91 million dollars).
The Thai baht closed at a fresh 10-year high of 31.55-58 against the dollar, little changed from Tuesday's 31.58-60. Against the euro, the Thai unit was quoted at 47.87-92 from 47.95-48.00.
"The Thai market moved narrowly in line with other regional markets like Japan and Hong Kong," said Viriya Lappromrattana, senior vice president at Kiatnakin Securities.
Viriya said fears over a recession in the US economy cast a long shadow over the market, dimming the positive mood caused by the government's stimulus package and the central bank's decision to scrap controversial currency controls.
Investors continued selling shares across the energy, banking and transportation sectors, she said.
"Some investors still felt positive about the government's stimulus package but many saw little change to the overall economic picture," Viriya said.
Finance Minister Surapong Suebwonglee said Tuesday he hoped the stimulus plan 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 lost 8.00 baht to 322.00 and its subsidiary PTT Exploration and Production fell 1.00 to 152.00.
Thailand's largest lender Bangkok Bank fell 1.00 to 127.00, while the kingdom's biggest mobile phone operator, Advanced Info Service, also declined 1.50 at 99.50.
Shares in Thai Airways International slipped 1.00 to 31.00.
