Thai share prices closed 1.29 percent higher on Tuesday in line with broader gains across the region, dealers said. They said sentiment was also upbeat after Thailand's newly elected Prime Minister Samak Sundaravej on Monday unveiled an ambitious spending plan that he said would shore up the kingdom's economy.
The Stock Exchange of Thailand (SET) composite index rose 10.63 points to 835.62 and the blue chip SET-50 added 9.42 points to 605.24. Gainers far outnumbered losers 219 to 97, with 133 stocks unchanged on turnover of 2.54 billion shares worth 19.23 billion baht (582.93 million dollars).
The Thai baht closed at a 10-year high of 32.51-53 against the dollar, little moved from Monday. Against the euro, the Thai unit was quoted at 47.84-88 from 47.58-66. "The market moved in line with other regional markets like Hong Kong and Japan," said Chai Chirasevenupraphand, a senior strategist at Capital Nomura Securities.
The Thai bourse held firm as investors cheered Samak's vow on Monday to boost the kingdom's economy and help restore confidence among Thai and foreign investors. Lifting the economy, which grew just 4.8 percent in 2007, is one of the top priorities for the Samak government, which took office earlier in the month.
While the Thai market gained nearly 20 points earlier in the day, buying slowed down toward the end of the session due to ongoing fears over a US recession, Chai added. Thailand's biggest energy firm PTT rose 6.00 baht to 332.00 and its subsidiary PTT Exploration and Production also gained 6.00 to 157.00.
Major energy firm Banpu was up 4.00 at 468.00. Thailand's largest lender Bangkok Bank added 1.00 at 126.00, and the kingdom's biggest mobile phone operator, Advanced Info Service, rose 1.00 to 104.00. Shares in Thai Airways International was unchange at 32.75.
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