Thai share prices closed 9.61 percent lower on Friday, amid concerns about the global financial crisis and domestic turmoil from anti-government protests in Bangkok, dealers said. The Stock Exchange of Thailand (SET) composite index fell 48.03 points to close at 451.96 points, while the blue chip SET-50 index fell 36.98 points to 311.16.
The market had been suspended for half an hour in the afternoon after sinking more than 10 percent. Losers overwhelmed gainers 389 to 36 with 28 stocks unchanged on turnover of 3.52 billion shares worth 16.28 billion baht (473.58 million dollars). The Thai baht weakened slightly against the greenback and closed at 34.35-37 baht from Thursday's 34.32-35.
But the unit strengthened against the euro and finished at 46.70-73 baht from 47.14-20. "The Thai market has not been able to escape the global meltdown as it gained momentum followed the warning issued by the International Monetary Fund warning of a world recession," Adisak Kammool, an analyst at KGI Securities said.
"Our market, like others, faces a bleak future over the next few months as financial companies begin to report third quarter earnings," he said, adding that global concerns had outweighed the influence of domestic political unrest in Bangkok.
Thai anti-government protest leaders were granted bail on Friday after surrendering to police and immediately vowed new rallies, raising fears of further turmoil days after deadly street clashes. Thailand's top energy firm PTT dropped 22.00 baht to close at 170.00 baht, while its subsidiary PTT Exploration and Production fell 10.50 to 96.50. Banpu, a major coal miner, slid 36.00 to close at 176.00.
The country's biggest lender Bangkok Bank fell 12.50 to close at 75.50. Kasikornbank fell 6.50 to 50.00 while Siam Commercial Bank fell 10.00 to 53.00. The kingdom's biggest telephone operator Advance Info Service slid 5.50 to 72.50, while national carrier Thai Airways slipped 1.10 to 8.90.
Comments
Comments are closed.