Thai share prices closed 0.73 percent higher on Thursday led by buying of energy stocks, but the broader market was checked by another round of protests expected this weekend, dealers said.
They said buying was technical, after three days of consecutive falls, as investors continued to trade with caution due to the political turmoil over the leadership of embattled Prime Minister Thaksin Shinawatra.
The Stock Exchange of Thailand (SET) composite index rose 5.31 points to 729.72 and the blue chip SET 50 index gained 4.50 points to 508.67. Gainers outnumbered losers 191 to 120 with 129 stocks unchanged on turnover of 2.4 billion shares worth 9.8 billion baht (252 million dollars) traded.
The Thai baht closed at 39.03-06 to the dollar Thursday, little changed from Wednesday's 38.94-97. Against the euro, the Thai unit stood at 47.09-14, compared with 47.05-07.
"We saw a technical rebound in banking and energy stocks but overall buying was modest," said Kanang Duangmanee, an economist at Kasikorn Research Center.
"Investors continued to worry about the political situation because we have another protest" demanding Thaksin's resignation on Saturday, Kanang said.
Thaksin, under allegations of abuse of power and corruption, on Thursday dismissed a threat from his opponents to step up their protest campaign to bring him down unless he resigned by the end of the day.
Simmering public anger against Thaksin erupted in late January when his family earned 1.9 billion tax-free dollars by selling its 50 percent stake in telecoms giant Shin Corp to Singaporean investors.
Kanang said investors hardly reacted to a court's ruling Thursday against the government's plan to privatise Thailand's top largest utility, the Electricity Generating Authority of Thailand (EGAT).
"There was no big surprise in the decision. Investors had already expected the negative outcome," she said.
Shares in Shin Corp fell 0.25 to 37.50 baht but its flagship mobile phone unit, Advanced Info Service, rose 1.50 to 96.50.
Thailand's top energy firm PTT rose 4.00 to 242.00 and its subsidiary PTT Exploration and Production also gained 4.00 to 524.00.
Thailand's top lender Bangkok Bank increased 1.00 to 108.00 and the third-largest lender Kasikorn Bank also rose 1.00 to 64.00. Thai Airways International edged up 0.25 to 45.50.
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