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Thai share prices closed 3.11 percent lower on Wednesday amid mounting fears of a domino effect on the global financial sector after the collapse of US investment bank Lehman Brothers, dealers said. The drop also came as the US Federal Reserve announced an 85 billion dollar bailout for troubled insurance giant AIG.
Dealers said the Thai market fell mainly due to losses in big-cap shares led by bank and energy stocks, as foreign investors sold holdings to shift money back home. The Stock Exchange of Thailand (SET) composite index fell 19.42 points to close at 605.14, while the blue chip SET-50 index lost 15.69 points to 420.72.
Losers outnumbered gainers 294 to 54, with 84 stocks unchanged on turnover of 2.26 billion shares worth 15.11 billion baht (440.51 million dollars). The Thai currency was flat against the greenback, finishing at 34.29-31 baht from Tuesday's 34.28-30.
"Investors were increasingly afraid of a domino effect following the collapse of Lehman Brothers," said Mayuree Chowvikran, senior vice president at Kim Eng Securities. Lehman Brothers filed for bankruptcy on Monday after failing to find a buyer.
The Federal Reserve and major global banks opened up fresh credit as markets braced for its collapse, with many fearing a domino effect that would ravage the rest of the global financial system. Thailand's top energy firm PTT lost 14.00 baht to close at 214.00 while its subsidiary PTT Exploration and Production fell 7.00 to 122.00.
Banpu, a major coal miner, also fell 24.00 to 294.00. The country's biggest lender Bangkok Bank shed 3.50 to 99.50. Kasikornbank lost 2.50 to 60.50 while Siam Commercial Bank slipped 3.00 to 67.00. Thai Airways edged down 0.40 to 13.70, while Siam Cement fell 5.00 to close at 135.00.

Copyright Agence France-Presse, 2008

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