Thai share prices plunged on Thursday, closing 3.27 percent lower after the market was hit by record high oil prices and a series of downgrades for Thailand, dealers said. "There was definitely a lot of carnage today," Pat Pattaphongse, head of research at KGI Securities Thailand, told AFP, adding that record high oil prices and rising interest rates were "conspiring to deflate the economy".
"Investors are starting to see capitulation, especially among foreigners hit with many brokers downgrading Thailand's outlook for the third quarter," he added. "People are taking much more pessimistic views of the economic conditions."
This was highlighted by Thailand's economy which shuddered to a halt in the first quarter, contracting a seasonally adjusted 0.6 percent from the previous quarter, according to official figures.
The Stock Exchange of Thailand (SET) composite index dropped 21.60 points to close at 638.31 and the blue chip SET 50 index fell 15.55 points to 446.03.
Losers outnumbered gainers 353 to 24 while 37 stocks were unchanged in moderate trade of 2.4 billion shares worth 23.82 billion baht (574.14 million dollars).
Sirinattha Techasiriwan of Syrus Securities said lower regional markets also hurt local sentiment.
All major indexes closed lower, with finance and securities down 4.20 percent at 1,040.38, banking lost 3.43 percent to 222.26, communication closed 2.98 percent lower at 91.70 and energy edged down 2.85 percent to 12,982.11.
PTT Plc was the most actively traded share, plunging 8.00 baht to close at 210.00 while PTT Exploration and Production and Siam Cement both also lost 8.00 to 376.00 and 216.00 respectively.
Bangkok Bank fell 2.50 at 96.50, Siam Commercial Bank closed 2.25 lower at 43.25 Kasikornbank shed 2.50 to 50.50.
Thai Airways International edged down 1.50 at 38.00.
Advance Info Service fell 2.00 at 94.00, United Communication closed 1.25 lower at 43.75 and Shin Corp shed 1.00 at 35.50.
Comments
Comments are closed.