March 18, 2008
BANGKOK (AFP) - Thai share prices closed up 0.69 percent Tuesday amid hopes for a US rate cut with the Federal Reserve to hold a rate-setting meeting later in the day, dealers said.
They said the Thai bourse also held firm on gains across the region.
The Stock Exchange of Thailand (SET) composite index rose 5.58 points to 812.32 and the blue-chip SET-50 added 3.74 points to 585.77.
Gainers led losers 239 to 97, with 106 stocks unchanged on turnover of 2.27 billion shares worth 14.62 billion baht (468.40 million dollars).
The baht closed at a fresh 10-year-high of 31.22-23 against the dollar, up from Monday's 31.38-40. Against the euro, the Thai unit was quoted at 49.26-31 from 49.55-60.
"Everyone is waiting to see how much the Fed will cut interest rates," said Chai Chirasevenupraphand, market strategist at Capital Nomura Securities.
Market players expect the federal funds short-term interest rate to be slashed from 3.0 percent to 2.0 percent in a bid to shore up the sluggish US economy.
Apart from the Fed factor, the Thai market rose in line with steady regional gains, Chai said, adding investors chased gains in banking stocks.
Thailand's biggest energy firm PTT fell 4.00 baht to 324.00 and its subsidiary PTT Exploration and Production slipped 1.00 to 157.00. But major energy firm Banpu rose 4.00 to 420.00.
The kingdom's largest lender Bangkok Bank rose 3.00 to 128.00.
Thai Airways International edged down 0.25 to 28.50, while Thailand's biggest mobile phone operator, Advanced Info Service, fell 1.50 to 98.50.
