March 13, 2008
BANGKOK (AFP) - Thai share prices closed 1.53 percent lower on Thursday as investors dumped stocks amid near-record global oil prices and renewed fears over a US economic slump, dealers said.
They said selling spread across the board as sentiment was downbeat in line with heavy losses across the region.
Japan's stock market, Asia's biggest, dropped to a 30-month low amid worries that the soaring yen could cut into exporter earnings.
The Stock Exchange of Thailand (SET) composite index fell 12.69 points to 814.31 and the blue-chip SET-50 lost 10.40 points to 588.23.
Losers outnumbered gainers 243 to 89, with 105 stocks unchanged on turnover of 4.56 billion shares worth 18.05 billion baht (573.94 million dollars).
The Thai baht closed at a new 10-year-high of 31.45-46 against the dollar, up from Wednesday's 31.55-56. Against the euro, the Thai unit was quoted at 49.03-08 from 48.60-65.
"Investors sold their stocks because fears over a slowdown in the US economy resurfaced. Investors were also panicking over near-record high oil prices," said Adisak Kammool, senior strategist at KGI (Thailand) Securities.
The Thai bourse also slumped in line with the battered regional market, Adisak said.
Thailand's biggest energy firm PTT lost 6.00 baht to 332.00, while its subsidiary PTT Exploration and Production fell 4.00 to 156.00.
Major energy firm Banpu also declined 8.00 to 432.00.
The kingdom's largest lender Bangkok Bank was down 3.00 at 125.00, while the biggest mobile phone operator, Advanced Info Service, also shed 3.00 at 97.00.
Shares in Thai Airways International slipped 0.75 to 29.00.
