Thai share prices closed 10.50 percent lower on Monday as fears over a global financial meltdown caused the market to tumble and prompted the suspension of trading for 30 minutes, dealers said. They said the Thai bourse hit a five-year low as it fell in line with Asian markets, which seemed unable to shake off fears of a recession despite regional measures to shore up economies.
The Stock Exchange of Thailand (SET) composite index fell 45.44 points to close at 387.43 points, while the blue chip SET-50 index lost 35.23 points to 263.17 points. Losers overwhelmed gainers 368 to 30 with 41 stocks unchanged on turnover of 4.64 billion shares worth 11.78 billion baht (338.41 million dollars).
The Thai baht weakened against the greenback, finishing at 34.81-83 baht from 34.67-69 baht last Friday. But it strengthened against the euro, closing at 43.23-28 baht from 43.51-55 baht. "The index fell sharply today (Monday) as fears over a global recession gripped the market. It was similar to what we saw from other markets," said Chai Chirasevenupraphand, market analyst at Capital Nomura Securities.
"The index hit a five-year low," he added. The Thai index fell steadily during the day and trading was automatically suspended shortly before the market closed after it fell 10 percent.
The Thai stock market has also recently been battered by anti-government protests, which began in May this year and have raised fears about stability in the coup-prone kingdom. Share prices in blue chip stocks fell across the board. Thailand's top energy firm PTT shed 21.00 baht to close at 141.00 baht, while its subsidiary PTT Exploration and Production fell 15.50 to 75.00. Banpu, a major coal miner, also lost 26.00 to 140.00.
The country's biggest lender Bangkok Bank shed 11.00 to 59.00. Kasikornbank lost 6.00 to 45.50, while Siam Commerrcial Bank fell 6.00 to 45.50. The kingdom's biggest telephone operator Advance Info Service slipped 4.00 to 69.00, while flagship carrier Thai Airways edged down 0.30 to 7.30.
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