Thai share prices closed 1.40 percent lower on Wednesday, faring worse than the regional average, as the junta leader called for imposing emergency rule in Bangkok, dealers said. They said investors dumped heavy-weight energy and banking stocks on fears of worsening political turmoil.
The Stock Exchange of Thailand (SET) composite index lost 9.53 points to 669.04 while the blue chip SET 50 index dropped 7.66 points to 467.67. Losers overwhelmed gainers 299 to 68, with 83 stocks unchanged on turnover of 1.8 billion shares worth 12.56 billion baht (358 million dollars).
The Thai baht slightly strengthened against the dollar, closing at 34.97-35.02 to the greenback from Tuesday's 35.01-03. Against the euro, the Thai currency finished at 46.65-73 from 46.70-80. Despite significant trading volume, Kanang Duangmanee, a senior economist at Kasikorn Research Centre, said investors mostly dumped shares on concerns over the political situation.
Thailand's junta chief General Sonthi Boonyaratglin said Wednesday that he has asked the government to declare emergency rule in Bangkok to crack down on anti-coup protesters. Meanwhile, 12 anti-coup groups announced plans to stage daily rallies for a week in Bangkok next month to call on the junta to step down. "The Thai market was largely influenced by political factors. Mainly big-cap energy and banking stocks were sold as investors fear that the political situation is getting more intense," Kanang said.
Thailand's top energy firm PTT lost 2.00 to 206.00 and subsidiary PTT Exploration and PProduction fell 1.50 to 87.00 The nation's biggest lender Bangkok Bank dropped 2.00 to 107.00 and Kasikorn Bank also slipped 1.00 to 65.50. Thai Airways International was down 1.25 to 44.25. Thailand's largest mobile phone operator, Advanced Info Service, shed 1.50 to 69.50.
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