Thai share prices closed 0.14 percent higher on Tuesday but the broader market was kept in check ahead of the central bank's meeting amid rising hopes for an interest rate cut, dealers said. They said trading was thin as domestic investors were absent from the market due to the upcoming Buddhist New Year holiday, which begins Friday and runs for five days.
The Stock Exchange of Thailand (SET) composite index rose 0.93 points to 689.48 while the blue chip SET 50 index added 0.66 points to 484.34. Losers led gainers 157 to 126, with 143 stocks unchanged on turnover of 1.15 billion shares worth 6.4 billion baht (183 million dollars).
The Thai baht closed at a nine-year high of 34.96-98 to the dollar, little changed from Monday's 34.90-94. Against the euro, the Thai currency finished at 46.91-95 from 46.60-85. "The market was virtually flat as investors took a wait-and-see stance ahead of the BoT (Bank of Thailand) meeting" on Wednesday, said Chai Chirasevenupraphand, a market strategist at Capital Nomura Securities.
Investors expected the central bank to cut its key interest rate to 4.00 percent from current 4.50 percent in a bid to spur the kingdom's slowing economy. Changes in Thailand's new foreign investment law that include a maximum five-year jail term for violators had little impact on the market, Chai said, adding few domestic investors traded ahead of the Buddhist New Year holiday.
Thailand's financial markets are to be closed on Friday and Monday. The kingdom's top energy firm PTT closed flat at 208.00, but its subsidiary PTT Exploration and Production slipped 0.50 baht to 91.00.
The nation's top lender Bangkok Bank was unchanged at 112.00, but the third-largest lender Kasikorn Bank added 0.50 to 69.00. Thai Airways Internatiional increased 0.75 at 46.50. Thailand's largest mobile phone operator, Advanced Info Service, fell 0.50 to 71.00.
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