April 23, 2008
BANGKOK (AFP) - Thai share prices closed 1.45 percent lower on Wednesday in a technical fall with major stocks finishing down, despite record oil prices, dealers said.
They said Thailand bucked the regional trend, a day after energy shares sent the market up here.
The Stock Exchange of Thailand (SET) composite index fell 12.36 points to 837.66, and the bluechip SET 50 index lost 10.56 points to 602.72.
Losers far outnumbered gainers 243 to 102, while 112 stocks were unchanged with 8.48 billion shares traded worth 25.76 billion baht (818.39 million dollars).
The Thai baht slipped against the dollar, closing at 31.46-48 from Tuesday's 31.45-47. The Thai unit remained stable against the euro, finishing at 50.18-24 from 50.20-25.
"The market technically fell today. Big cap shares like energy and banking stocks lost after their gains yesterday," said Chai Chirasevenupraphand, market strategist at Capital Nomura Securities.
Energy share prices fell across the board despite world oil prices jumping to record peaks above 119 dollars on Tuesday, he said.
Share prices in the banking sector fell as the market had already factored in positive earnings results.
"We currently see the market move in this same pattern -- rising one day and falling the next day as investors take profit," Chai said.
Thailand's biggest energy firm PTT lost 8.00 baht to 338.00 while its subsidiary PTT Exploration and Production fell 2.00 to 169.00. Major energy firm Banpu also fell 12.00 to 432.00.
The kingdom's largest lender Bangkok Bank lost 2.00 to 136.00 while Siam Commercial Bank fell 2.00 to 90.00.
Thai Airways also fell 1.00 to 27.50.
