Thai share prices closed 1.69 percent lower on Tuesday amid concerns over record oil prices and high inflation, dealers said. They said the bourse followed regional markets, and that investors were also still wary of the political situation as protests rumbled on in Thailand.
The Stock Exchange of Thailand (SET) composite index lost 13.64 points to close at 791.94, while the blue chip SET 50 index fell 9.98 points to 566.10. Losers overwhelmed gainers 325 to 51 with 84 stocks unchanged on turnover of 8.38 billion shares worth 18.97 billion baht (574.84 million dollars).
The Thai baht strengthened against the dollar, closing at 33.00-02 baht from Monday's 33.23-25. Against the euro, the Thai unit finished at 51.13-21 from 52.47-53. Kimeng Securities analyst Mayuree Chowvikran said the market continued to drop in line with other major markets in Japan and Hong Kong. "The main concerns are the same as other regional markets. Investors are concerned about global oil prices and high inflation rates," she said.
Thailand's inflation rate jumped to a 10-year high of 7.6 percent in May as soaring fuel prices pushed up costs in food and other sectors. Small rallies against Thailand's newly elected government, meanwhile, have been rumbling on for more than two weeks, led by activists whose protests in 2006 eventually led to a coup against premier Thaksin Shinawatra.
Thailand's top energy firm PTT Plc fell 6.00 baht to close at 324.00 baht, while its subsidiary PTT Exploration and Production dropped 5.00 to close at 179.00. Another major energy firm, Banpu, closed unchanged at 488.00.
The country's biggest lender Bangkok Bank fell 2.00 at 119.00 while Kasikorn Bank and Siam Commercial Bank both lost 1.00 to close at 76.50 and 80.50 baht respectively. Thai Airways International slipped 0.60 at 23.40 while the kingdom's biggest mobile phone operator Advance Info Service fell 2.50 at 88.50.
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