The Thai stock market fell 2.68 percent on Thursday in line with Wall Street and regional markets as investors worried about the downgrading of 22 US banks, an analyst said. The Stock Exchange of Thailand (SET) composite index dropped 15.71 points to close at 570.43, and the blue chip SET-50 index lost 12.72 points to 408.27.
Losers overwhelmed gainers 305 to 59 and 74 stocks were unchanged on turnover of 3.1 billion shares worth 18.8 billion baht (552.1 million dollars). The Thai baht rose slightly against the dollar, closing at 34.14-16 from Wednesday's 34.16-18. But the unit weakened against the euro, closing at 47.60-63 from 47.34-40 the previous day.
Kosin Sripaiboon, chief analyst at UOB Kay Hian Securities, said investors took profits in energy and banking shares amid concerns that the global economy would not recover as soon as expected. "Investors are not confident that US President Barack Obama's financial regulation reform plans will help end the recession," he said.
Kosin added that investors were also spooked after the US credit ratings agency Standard & Poor's lowered its credit rating and revised the outlook on US 22 banks. Coal producer Banpu plunged 13.00 baht to 323.00 and Siam Cement lost 9.00 to 137.00.
Energy giant PTT Plc fell 9.00 baht to close at 225.00 baht, while its subsidiary PTT Exploration and Production dropped 3.50 baht to 128.50. Bangkok Bank closed unchanged at 101.00 baht, Kasikornbank was down 1.25 to 62.75 baht and Siam Commercial Bank edged down 1.00 baht to close at 70.25.
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