Thai stocks at one-week low

Thai stocks fell 0.93 percent to close at a one-week low on Monday as lingering concerns about the restive Muslim south weakened market enthusiasm, but earnings optimism boosted medium-cap shipping and telecom stocks. The benchmark Stock Exchange of Thailand composite index dropped 5.89 points to 629.20, its lowest close since November 1. The big-cap SET50 was 1.08 percent lower at 43.88 points.
Turnover fell to 9.79 billion baht ($240 million) from Friday's 16.65 billion baht as weak Asian markets and the southern unrest kept the market mood wary, said Warut Siwasariyanon, head of research of Globlex Securities.
"The south was a concern to the market, especially to foreign investors," he said.
Earnings plays lent support to the overall market, analysts said.
Shares in shipping firm Regional Container Lines PCL rose 8.33 percent to 23.4 baht, their highest in more than two weeks, as the firm's better than expected third-quarter profit prompted potential earnings upgrades, analysts said.
Precious Shipping, which said last week its quarterly net profit more than doubled due to higher freight rates, rose 0.66 percent to 38.25 baht.
CS Loxinfo PCL was 5.3 percent higher at 6.95 baht after the top Thai Internet firm said it expected to post an earnings per share of at least 0.60 baht for 2004 due to strong growth in its broadband services.
CS Loxinfo, a unit of Shin Satellite, reported an annual 296 percent rise in third-quarter net profit to 107.78 million baht, in line with analyst forecasts.
The energy sub index fell 1.6 percent as shares in top oil and gas firm PTT PCL dropped 1.78 percent to 166 baht.
The bank sub index fell 0.19 percent, but shares in Kasikornbank ended up 0.5 percent to 48.25 baht after falling to 47.75 baht in early trade.
The bank said it was likely to a pay dividend on 2004 earnings due to strong profitability.
Shares in Advanced Info Service fell two percent and those in fellow telecommunications firm Shin Satellite fell 1.89 percent ahead of their third quarter results due out after the market closed.
Shares in building materials firm Pacific Pipe PCL fell 12.8 percent to 39.25 baht from an initial public offering (IPO) price of 45 baht, after hitting 47.50 baht, as weak market sentiment triggered profit-taking, dealers said.