March 26, 2008
BANGKOK (AFP) - Thai share prices closed 0.33 percent lower on Wednesday as investors remained fearful of a possible recession in the United States, dealers said.
They said there was also concern about political stability in Thailand as the election commission weighed whether to dissolve two political parties which are part of the coalition government.
The Stock Exchange of Thailand (SET) composite index fell 2.74 points to 817.57 and the blue-chip SET-50 lost 2.60 points to 588.43.
Losers outnumbered gainers 171 to 145 with 127 stocks unchanged on turnover of 3.27 billion shares worth 15.47 billion baht (492.29 million dollars).
The baht once again hit a 10-year high against the dollar, closing at 31.41-43 from Tuesday's 31.53-55. Against the euro, the Thai unit was quoted at 49.32-40 from 48.97-49.06.
"The market fell today, although it was rather stable in the afternoon before close," said Chai Chirasevenupraphand, market strategist at Capital Nomura Securities.
"Investors were uncertain about the US economy, and what the election commission will decide on the case about the two coalition parties."
The election commission is expected to deliver its verdict on the two small parties next week, leading to fears that the coalition government formed after December elections could collapse.
Thai share prices fell in major sectors, especially banking and energy which had surged the previous day.
Thailand's biggest energy firm PTT fell 6.00 baht to 316.00 while its subsidiary PTT Exploration and Production slipped 1.00 to 153.00. Major energy firm Banpu was unchanged at 408.00.
The kingdom's largest lender Bangkok Bank fell 1.00 to 135.00.
Thai Airways International remained unchanged at 28.75, while Thailand's biggest mobile phone operator, Advanced Info Service, rose 1.00 to 100.00.
