March 17, 2008
BANGKOK (AFP) - Thai share prices closed down 1.38 percent Monday as the emergency fire-sale of US investment bank Bear Stearns heightened fears of a severe recession in the United States, dealers said.
They said the Thai market joined a wave of losses across Asia, as efforts by the US Federal Reserve to stem the fallout from the Bear Stearns deal failed to calm investors.
The Stock Exchange of Thailand (SET) composite index fell 11.30 points to 806.74 and the blue-chip SET-50 lost 9.00 points to 582.03.
Losers far outnumbered gainers 273 to 70, with 106 stocks unchanged on turnover of 3.30 billion shares worth 12.51 billion baht (398.07 million dollars).
The baht closed at a new 10-year-high of 31.38-40 against the dollar, gaining slightly from Friday's 31.40-42. Against the euro, the Thai unit was quoted at 49.55-60 from 48.89-95.
"The market fell today because foreign investors dumped their stocks due to fears over a recession of the US economy," said Pichai Lertsupongkit, senior vice president at Thanachart Securities.
Losses on the Thai bourse were in line with other markets in the region.
"Today the Bear Stearns case caused chaos in the markets, including the Thai market, while also hitting commodity prices and further weakening the US currency," Pichai said.
Thai share prices fell across the board.
Thailand's biggest energy firm PTT fell 6.00 baht to 328.00 and its subsidiary PTT Exploration and Production was flat at 158.00.
Major energy firm Banpu lost 16.00 to 416.00.
The kingdom's largest lender Bangkok Bank lost 3.00 to 125.00.
