Thai share prices closed 0.19 percent lower on Wednesday as investors dumped energy stocks following a steady fall in global oil prices, dealers said. They said the Thai market had, however, outperformed regional peers after it was bolstered by the decision by ousted premier Thaksin Shinawatra on Monday to retreat into exile abroad, raising hopes of stability in the kingdom.
The Stock Exchange of Thailand (SET) composite index shed 1.33 points to close at 701.60, and the blue chip SET-50 index lost 1.33 points to 496.78. Gainers outnumbered losers 194 to 147 and 97 stocks closed unchanged with turnover of 3.0 billion shares worth 18.8 billion baht (557.9 million dollars). Thai baht rose slightly against the dollar to close at 33.68-69 baht to one dollar compared to Monday's close of 33.73-75.
The Thai unit also gained against the euro, rising to 55.22-26 baht to one euro compared to Monday's 50.80-85. Markets were closed on Tuesday for a public holiday. "The risk of political instability has drastically decreased since Thaksin decided not to return to Thailand, but the index lost overall because of energy stocks," said Pichai Lertsupongkit, an analyst at Thanachart Securities.
Thaksin and his wife were due to appear before the Supreme Court on Monday to defend themselves in a graft case, but instead Thaksin released a statement saying the couple would go into exile in England. His presence in the kingdom had been causing investor jitters as protesters have taken to the streets to decry the former leader.
Thailand's biggest lender Bangkok Bank shed 1.00 baht to 123.00 baht, but Kasikornbank rose 2.00 to 77.50. The kingdom's biggest energy firm PTT Plc dropped 2.00 to close at 264.00, while its subsidiary PTT Exploration and Production fell 7.00 to 142.00. Banpu, the country's largest coal miner, plunged 18.00 to 374.00. Siam Cement dropped 3.00 to 168.00.
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