Thai share prices closed 0.61 percent higher on Friday amid mixed regional signals as investors continued to buy energy stocks in line with a steady rise in global oil prices, dealers said. They said sentiment was upbeat amid hopes that the military-backed government would launch additional economic stimulus measures including tax breaks.
The Stock Exchange of Thailand (SET) composite index rose 4.39 points to 728.76 while the blue chip SET 50 index added 2.95 points to 515.36. Gainers led losers 207 to 129, with 130 stocks unchanged on turnover of 3.9 billion shares worth 19.6 billion baht (565 million dollars).
"The market was mainly supported by buying of energy-related shares as oil prices continued to rise," said Chai Chirasevenupraphand, a market strategist at Capital Nomura Securities. Energy-linked shares account for nearly 30 percent of the Thai market.
Apart from demand for energy stocks, investors turned buyers on hopes that the government would implement more economic measures in a bid to boost the country's flagging economy, Chai said. Earlier this week, the government has expanded its stimulus loan package for low-income earners to around two billion dollars from its initial 1.2 billion dollars.
Thailand's top energy firm PTT rose 2.00 baht to 240.00 and its unit PTT Exploration and Production also gained 1.50 to 100.00. The kingdom's top lender Bangkok Bank added 1.00 to 113.00, but Thai Airways International slipped 0.25 to 47.00. Thailand's largest mobile phone operator, Advanced Info Service, also declined 1.00 to 89.00.
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