Thai share prices closed 1.24 percent higher on Monday led by strong buying in energy blue chips as the government announced 2004 economic growth of 6.1 percent, dealers said. The Stock Exchange of Thailand (SET) index gained 9.00 points to close at 737.42 and the blue chip SET 50 index was up 0.66 points at 51.83. Gainers led losers 201 to 130 with 82 stocks unchanged on trade of 2.3 billion shares worth 20.4 billion baht (530.3 million dollars).
The petrochemicals sub-index led the market by rising 3.02 percent to close at 620.92, while energy shares also made strong gains of 2.87 percent at 13,297.87.
Banking shares added 0.88 percent at 255.10, but communications fell 1.48 percent to close at 112.68.
Adkinson Securities analyst Ronnakrit Sarinwong said the market rebounded for a second straight session as investors bought into oil-related shares.
"Investors speculated in shares related to oil prices like energy stocks," he said.
The market also reacted mostly positively to Monday's announcement that Thailand's economy grew 6.1 percent in 2004 despite drought, bird flu and high oil prices slowing growth in the last quarter.
However, the government also warned that 2005 growth could dip below 6.0 percent if high oil prices continued to inflate manufacturing and distribution costs.
Among major stocks, PTT Exploration and Production rose 12.00 baht to close at 328.00 baht, while parent PTT Plc rose six baht to 214.00 baht.
Bangkok Bank closed unchanged at 109.00, while Siam Commercial Bank and Kasikornbank both added 0.50 baht to close at 52.50 and 58.50 respectively.
Capital Nomura Securities rose 0.50 baht to 69.50 but BFIT Securities lost 0.25 baht at 29.50.
Siam Cement and Siam City Cement both gained two baht to finish at 264.00 and 280.00 respectively.
Thai Airways International and Shin Corp both closed unchanged at 48.50 and 44.75 respectively.
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