Thai share prices closed 0.37 percent higher on Wednesday amid improving confidence about Thailand's political situation after months of uncertainty, dealers said. They said improved sentiment about Thailand's political outlook offset any concerns generated by the latest news of a death from bird flu.
The Stock Exchange of Thailand (SET) composite index rose 2.57 points to 690.92 while the blue chip SET 50 index gained 2.88 to 481.65. Gainers led losers 230 to 103 while 95 stocks were unchanged on turnover of 2.96 billion shares worth 14.34 billion baht (377 million dollars).
The Thai baht closed almost unchanged at 37.95-96 to the dollar. Against the euro, the baht finished at 47.75-79 after 47.90-48.00. "Investors have regained confidence over political issues with sentiment expecting to improve further," said Ronnakit Sarinwong, vice president of Adkinson Securities.
On Tuesday, confidence in upcoming polls was bolstered after prison sentences were handed down to top election officials for irregularities in April 2 elections. The ruling boosted hopes that new elections set for October 15 would be fairer and so help end months of political turmoil.
Meanwhile, investors played down the impact of the latest death from the deadly H5N1 bird flu virus, saying the disease had been found in only a limited area and was unlikely to hurt Thai exports. Raw chicken from Thailand has been under international bans for nearly three years because of bird flu fears but most Thai exporters now send only processd chicken overseas. Thorough cooking destroys the bird flu virus.
Thailand's top energy firm PTT was unchanged at 234.00 while subsidiary PTT Exploration and Production edged up 1.00 to 119.00. Bangkok Bank was unchanged at 103 while Kasikorn Bank lost 0.50 to 60.50. Thai Airways International was down 0.75 to 38.50. Advance Info Service gained 1.50 to 87.00.
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