Thai share prices tumble

Thai share prices closed 0.54 percent lower on Tuesday in line with other regional markets amid worries about the impact of oil prices on the global economy, dealers said.
Political uncertainty has continued to pressure the market after Thai courts demanded that the election commission resign and rejected a proposed October 22 date for new polls. Dealers also cited profit-taking on dollars for impacting on the market.
The Stock Exchange of Thailand (SET) composite index fell 4.10 points to 761.87 and the blue chip SET 50 index lost 2.84 points to 528.21. Losers outnumbered gainers 257 to 115 and 86 stocks were unchanged with 2.67 billion shares traded worth 19.26 billion baht (322 million dollars).
The Thai baht closed Monday at 38.15-23 to the dollar, against Monday's 38.08-13. Against the euro, the Thai currency closed at 48.78-93, compared to 48.87-96 Monday. Like other regional currencies, the Thai baht fell against the dollar on profit-taking before a slight rebound in late trading.
"Political uncertainty was still pressuring the market with latest comment from the courts that the proposed date from the election commission is likely illegal," said Ronnakit Sarinwong, vice president of Adkinson Securities.
"The political pressure on stock trading will remain tomorrow."
A Thai court last week invalidated last month's snap elections and ordered the government and election authorities to set a date for new polls.
Thaksin's ruling Thai Rak Thai party won the April 2 election with 56 percent despite weeks of protests against him in Bangkok, but his victory was undermined by an opposition boycott that succeeded in persuading many Thais to cast protest votes.
That forced Thaksin Shinawatra to step aside as premier, but he has remained coy about whether he would run again in the new polls. Shares in Thailand's top energy firm PTT closed unchanged at 254.00 baht and its subsidiary PTT Exploration and Production was down 1.00 at 120.00. Thailand's top lender Bangkok Bank lost 1.00 to 112.00, and Kasikorn Bank, the third-largest bank, slipped 0.50 to 66.00.
Thai Airways International surged 1.25 to 46.75.