May 7, 2008
BANGKOK (AFP) - Thai share prices closed 0.34 percent higher on Wednesday as record global oil prices pushed up shares in the energy sector, dealers said.
They said despite the energy gains, the market only rose slightly because of profit taking in the banking and property sectors.
The Stock Exchange of Thailand (SET) composite index rose 2.88 points to close at 848.71, while the bluechip SET 50 index added 2.53 points to 612.95.
Losers led gainers 182 to 154 while 113 stocks were unchanged with turnover of 4.29 billion shares worth 22.53 billion baht (709.56 million dollars).
The Thai baht slipped slightly against the dollar, finishing at 31.74-75 baht from Tuesday's close of 31.72-74. Against the euro, the baht closed at 49.10-13 from 49.05-28.
"The market moved up on the positive side today because of gains in commodity shares, like energy and steel shares," said Kavee Chukitkasem, assistant managing director at Kasikorn Securities.
Kavee said high oil prices drove investors to buy energy stocks and other commodities related to oil.
"However, the market rose narrowly in the rangebound because of profit taking in non oil-related shares, like banking and property stocks," he said.
World oil reached a new record price above 120 dollars a barrel on Tuesday.
Thailand's top energy firm PTT rose 4.00 baht to close at 348.00, and its subsidiary PTT Exploration and Production gained 5.00 to 179.00.
Another major energy firm Banpu rose 4.00 to 448.00 while oil refinery ESSO gained 0.40 on its second-day trading to close at 10.90.
The country's largest lender Bangkok Bank was unchanged at 135.00 while another major lender Siam Commercial Bank lost 1.50 to 90.50.
Thai Airways International was unchanged at 27.75.
