Thai share prices closed 2.93 percent lower on Monday amid investor uncertainty over US President George W. Bush's package aimed at reviving the world's largest economy, dealers said. They said the Thai market echoed similar negative sentiment around the region, but the opening of Thailand's parliament on Monday helped ease concern about the post-coup political situation here.
The Stock Exchange of Thailand (SET) composite index fell 23.14 points to 766.53 and the blue chip SET-50 lost 20.53 points to 550.85. Losers led gainers 259 to 68 with 109 stocks unchanged on turnover of 2.29 billion shares worth 27.84 billion baht (843.60 million dollars). The Thai baht traded at 33.12-13 against the dollar, compared to Friday's close of 33.04-05. The Thai unit rose against the euro, closing at 47.99-48.04 from 48.12-60. "The direction of the Thai market followed what happened in other regional markets - they all dropped even lower in percent compared to Thailand," said Ponmgrat, vice president of Bua Luang Securities.
"One major factor remains: investor concern over the US economic policy presented by the US president. It seems good for the middle and long term solutions, but investors wish to see some more urgent solutions."
Ponmgrat said investors in the Thai market had positive domestic news, with the opening Monday of the first elected parliament in 16 months, raising hopes for the end of political instability sparked by the 2006 military coup.
Among blue chips, PTT lost 24.00 baht to 296.00, while its subsidiary PTT Exploration and Production lost 8.00 to finish at 144.00. Thailand's largest lender Bangkok Bank fell 2.00 to 110.00 and Advance Info Service shares lost 2.50 to close at 93.50.
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