March 20, 2008
BANGKOK (AFP) - Thai share prices closed 1.18 percent lower on Thursday, pressured by sustained fears over a slowdown in the US economy, dealers said.
They said sentiment was also downbeat after Thailand's Supreme Court agreed to hear a vote fraud case against the speaker of parliament, which could lead to the sacking of ousted premier Thaksin Shinawatra's close ally.
The Stock Exchange of Thailand (SET) composite index fell 9.56 points to 798.11 and the blue-chip SET-50 lost 8.58 points to 573.61.
Losers outnumbered gainers 194 to 117, with 130 stocks unchanged on turnover of 2.51 billion shares worth 15.48 billion baht (494.39 million dollars).
The baht closed at a 10-year-high of 31.30-32 against the dollar, compared with Wednesday's 31.18-19. Against the euro, the Thai unit was quoted at 48.48-50 from 49.07-13.
"Fears over a recession in the US economy continued to drive the market down," said Sukit Udomsirikul, head of research at Siam City Securities.
Apart from the US factor, the Thai market slumped as investors were worried over potential political turmoil after the kingdom's top court agreed to hear the case against Yongyut Tiyapairat, the speaker of parliament, Sukit said.
Yongyut is accused of bribing local officials in northern Thailand during his campaign for the People Power Party (PPP), which went on to win December elections and formed a coalition government last month.
If convicted, Yongyut, also a PPP executive, could be stripped of his seat in parliament. A conviction could also open the door to a broader investigation by the Election Commission into the operations of the party itself.
Thailand's biggest energy firm PTT fell 6.00 baht to 314.00 and its subsidiary PTT Exploration and Production lost 3.00 to 151.00. Major energy firm Banpu also dropped 18.00 to 390.00.
The kingdom's largest lender Bangkok Bank also shed 3.00 to 127.00.
Thai Airways International slipped 0.25 to 28.00, while Thailand's biggest mobile phone operator, Advanced Info Service, lost 2.50 to 96.00.
