Thai share prices closed 0.33 percent lower on Wednesday, despite gains in other regional markets, as investors awaited a decision on US interest rates, dealers said. They said a significant rise in January exports failed to boost sentiment as the Thai baht remains strong, dampening the economic growth potential for this year.
The Stock Exchange of Thailand (SET) composite index lost 2.20 points to 669.56 while the blue chip SET 50 index dropped 1.68 points to 468.24
Losers far led gainers 199 to 94, with 149 stocks unchanged on turnover of 1.7 billion shares worth 7.96 billion baht (228 million dollars).
The baht reached a new nine-year high, closing at 34.78-80 to the dollar from Tuesday's 34.83-85. Against the euro, the local currency finished at 46.23-28 from 46.26-30.
Dealers said the market was waiting for comments from the US Federal Reserve after the end of its two-day meeting Wednesday are hoped to give some guidance after a turbulent month for global equities.
"Investors, mainly foreigners, sold big-cap shares as they wait for any clue from the Fed on whether interest rates would be cut faster than expected," said Pichai Lertsupongkit, senior vice president of Thanachart Securities.
"Trading volume remained very thin, as we saw over the past couple days, amid political and economic uncertainties" in Thailand, he added. Despite a new report showing a sharp rise in exports, which rose by 17.7 percent to nearly 10.5 billion dollars in January, the Thai market did not get a boost, Pichai said.
"The currency remains strong mainly because of Thailand's economic fundamentals, which has created worries about growth this year," he said. Thailand's top energy firm PTT closed unchanged at 204.00 baht while its subsidiary PTT Exploration and Production dropped for the third consecutive day, losing another 1.50 to 86.00.
The nation's biggest lender Bangkok Bank shed 1.00 to 106.00. Kasikorn Bank slipped 1.50 to 62.50. Thai Airways International edged up 0.25 to 45.50.
Thailand's biggest mobile phone operator, Advanced Info Service, gained 1.00 to 73.00.
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