March 31, 2008
BANGKOK (AFP) - Thai share prices closed 0.99 percent lower on Monday on profit-taking, amid ongoing concerns over the US economy, dealers said.
They said sentiment remained poor due to worries about how economic weakness in the United States was affecting the rest of the world, as the Bank of Thailand reported that Thai export growth was slowing.
The Stock Exchange of Thailand (SET) composite index lost 8.14 points to 817.03 and the blue-chip SET-50 dropped 6.83 points to 587.61.
Losers outnumbered gainers 180 to 138 with 129 stocks unchanged on turnover of 2.85 billion shares worth 12.33 billion baht (391.58 million dollars).
The baht weakened against the dollar, closing at 31.48-51 from Friday's 31.44-46. Against the euro, the Thai unit was quoted at 49.79-84 from 49.59-63.
Thai markets join other Asian markets on profit-taking, especially in energy and banking shares.
"Foreign investors took profit in big-cap shares," said Chai Chirasevenupraphand, market strategist at Capital Nomura Securities.
The Bank of Thailand reported Monday that Thailand had a trade deficit for the first time in 10 months, as high oil prices drove up the value of imports while export growth slowed down.
Exports make up 60 percent of the Thai economy.
Thailand's biggest energy firm PTT fell 6.00 baht to 316.00 while its subsidiary PTT Exploration and Production slipped 2.00 to 151.00 but major energy firm Banpu gained 4.00 baht to 416.00.
The kingdom's largest lender Bangkok Bank fell 1.00 to 135.00.
Thai Airways International closed unchanged at 29.00, while Thailand's biggest mobile phone operator, Advanced Info Service, edged down 3.00 to close at 100.00.
