Thai share prices closed 1.50 percent higher on Wednesday as local investors bought energy shares, dealers said. The Stock Exchange of Thailand (SET) composite index gained 8.17 points to close at 552.71, while the blue chip SET-50 index rose 6.29 points to 393.54.
Gainers overwhelmed losers 216 to 148 and 97 stocks closed unchanged after a day of heavy trade with turnover of 8.6 billion shares worth 33 billion baht (981.33 million dollars). Sukit Udomsirikul, an analyst from Siam City Securities, said deals had focused on the energy sector, adding that low interest rates had encouraged local traders to seek out new investments.
"Local investors bought energy shares as the oil price is climbing," said Sukit. The cost of crude is hovering around the 60 dollar mark as it slowly edges up on investor confidence that the global economy could be nearing the end of its slump.
Thailand's top energy firm PTT Plc closed 2.00 baht higher at 222.00 baht, while subsidiary PTT Exploration and Production rose 5.00 baht to 124.50 baht. Coal producer Banpu lost 2.00 to 312.00, despite announcing Tuesday that its net profit had more than doubled to a record high of 4.79 billion baht in the first quarter.
Bangkok Bank closed 1.00 baht lower at 88.50. Siam Cement slipped 0.50 to 129.50 but Thai Airways International edged up 0.80 to 17.00. The baht was slightly stronger against the dollar, finishing at 34.48-50 baht from Tuesday's 34.55-57. The unit weakened against the euro, ending at 47.21-24 from 47.06-33.
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