April 17, 2008
BANGKOK (AFP) - Thai share prices closed 1.45 percent higher on Thursday as investors were reassured after positive earnings reports from the shaky US market and a rally on Wall Street, dealers said.
They said the bourse was also buoyed by gains in energy shares as global oil prices hit record highs.
The Stock Exchange of Thailand (SET) composite index rose 12.05 points to 845.43, and the bluechip SET 50 index gained 10.15 points to 610.05.
Gainers outnumbered losers 238 to 113 while 109 stocks were unchanged with 4.61 billion shares traded worth 28.14 billion baht (895.51 million dollars).
The Thai baht appreciated against the US dollar, closing at 31.41-43 from Wednesday's 31.53-55. The Thai unit was also stronger against the euro, finishing at 50.14-18 from 50.24-28.
"The market closed up, mainly because investors felt better after positive earnings reports from the US market, such as reports from JP Morgan-Chase," said Chai Chirasevenupraphand, market strategist at capital Nomura securities.
Chai said gains in energy and banking stocks drove the Thai bourse up.
"Investors are also expecting positive earnings reports from Thai banks, which are due to come out next week," he said.
Thailand's biggest energy firm PTT surged 10.00 baht to 332.00 while its subsidiary PTT Exploration and Production rose 6.00 to 166.00. Major energy firm Banpu also gained 4.00 to 440.00.
The kingdom's largest lender Bangkok Bank was unchanged at 142.00 while Siam Commercial Bank edged up 0.50 to 94.00.
Thai Airways slipped 0.25 to 28.50.
