Thai share prices closed 0.21 percent lower on Wednesday as investors locked in profits in banking and construction stocks, dealers said. They said the central bank's decision to cut its key interest rate by a half-point to 3.5 percent failed to boost the market as investors already expected the move.
The Stock Exchange of Thailand (SET) composite index fell 1.55 points to 731.22 while the blue chip SET 50 index lost 1.39 to 517.43. Losers led gainers 204 to 132, with 122 stocks unchanged on turnover of 2.3 billion shares worth 15.1 billion baht (435 million dollars). The Thai baht moved narrowly from Tuesday, closing at a nine-year high of 34.60-62 to the dollar. Against the euro, the Thai unit finished at 46.50-55 from 46.48-53.
"The market was down on profit-taking in banking, construction and property stocks," said Kanang Duangmanee, an economist at Kasikorn Research Center. With few positive leads and a mixed regional market, Thailand's stocks fell as investors reacted little to the central bank's widely expected move to slash the interest rate to 3.5 percent, Kanang said.
"There were no surprises in the BoT (Bank of Thailand)'s announcement as the rate cut was well in line with market expectations," Kanang said. Thailand's top energy firm PTT was unchanged at 246.00 and its unit PTT Exploration and Production also remained flat at 101.00.
The kingdom's top lender Bangkok Bank fell 2.00 baht to 114.00 and the third-largest lender Kasikorn Bank declined 1.00 to 66.50. Thai Airways International edged down 0.25 to 45.50, but Thailand's largest mobile phone operator, Advanced Info Service, rose 4.00 to 90.00.
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