Thai stocks fell to a one-month low on Thursday as the rapid spread of bird flu in Asia kept investors wary.
The benchmark Stock Exchange of Thailand (SET) composite index dropped 8.1 points, or 1.12 percent, to 714.04 points, its lowest close since December 19.
The big-cap SET 50 index fell 1.35 percent to 46.71 points, while turnover rose to 25.6 billion baht ($653.2 million) from 23.2 billion baht on Wednesday.
"The bird flu is still pressuring the market as the number of red areas is still growing," said Phillip Securities strategist Suppamas Payakapan.
Thailand has declared 29 of 76 provinces epidemic zones.
"But the downside risk for stocks from here is not much," Suppamas said. "The worst-case news - like the fact that Thailand has it and we have it in multiple locations - has already come out, so I think we have passed the worst of it."
Shares in Thai Airways International fell four percent to 48 baht despite the national carrier saying on Wednesday it would form a budget airline with five domestic partners. Analysts said the airline's stock had been hit by concerns tourism might be hurt by bird flu.
Shares in Sahaviriya Steel Industries, which reported a 37 percent jump in 2003 earnings, slipped 0.72 percent to 34.25 baht despite the firm's forecast that 2004 sales would rise 21 percent.
Shares in number three broker Seamico Securities leapt 10.58 percent to 11.50 baht after the firm said its 2003 net profit tripled to 732 million baht.
But DBS Thai Danu Bank shares dropped to an all-time low of 3.68 baht in afternoon trade after Singapore's DBS Group Holdings agreed to sell its Thai unit to Thai Military Bank DBS Thai Danu is expected to delist and DBS Group will receive a 10 percent stake in the enlarged bank.
DBS Thai Danu shares closed at 3.70 baht, down 13.95 percent, while Thai Military Bank shares ended 1.96 percent lower at five baht.
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