Thailand's main stock index slipped 0.03 percent on Tuesday as profit-taking ate into early gains by bank stocks after the central bank eased scares about non-performing loans, analysts said. The benchmark Stock Exchange of Thailand (SET) index closed down 0.21 points at 633.21, but the big-cap SET 50 index rose 0.12 percent to 43.16 points.
Turnover fell to 12.88 billion baht ($312.8 million), from 13.43 billion baht on Monday.
The banking sector index ended 0.48 percent higher, recovering from a four percent fall on Monday, after central bank governor Pridiyathorn Devakula said no more banks would be asked to make large additional loan-loss provisions to meet stricter rules on bad loan classifications.
Shares in Krung Thai Bank rose 1.12 percent to 9.05 baht after falling sharply over the previous four trading days due to its poor second quarter result and higher bad loans.
Shares in Thailand's biggest bank, Bangkok Bank, ended unchanged at 92 baht after rising almost two percent in early trade and Kasikornbank rose 1.08 percent to 46.75 baht.
They both fell more than three percent on Monday after the Bank of Thailand said some banks still needed to make additional provisions for loan losses to meet the tougher new rules.
Shares in chemical firms were boosted by earnings plays, Wiriya said.
Aromatics (Thailand), Asia's largest aromatics maker, rose 2.65 percent to 58 baht on expectations the company would post a net profit of 1.6 billion baht for the second quarter of 2004 due to higher product prices.
Investors locked in quick profits on shares in Thai Plastic and Chemicals PCL, Thailand's largest polyvinyl chloride (PVC) maker, which ended unchanged at 186 baht after rising to 189 baht in early trade on a solid quarterly result.
Thai Plastic started the quarterly earnings season of chemical firms by reporting a net profit of 581 million baht, an increase of almost 21 times from the same quarter last year.
Shares in Thailand's largest home builder, Land and Houses PCL, fell 1.09 percent to 9.05 baht after the company said it would buy the new bank to be formed by a merger between associated firm Land & Houses Credit Foncier and Book Club
Phoenix Pulp and Paper PCL, a unit of Siam Cement PCL, Thailand's largest industrial conglomerate, rose 0.51 percent to 97.5 baht after the firm said it would pay an interim dividend of three baht.
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