Thai share prices closed sharply lower on Monday, dropping 3.06 percent in line with weaker regional markets after a sharp fall on Wall Street as investors returned from a long public holiday last week, dealers said. The Stock Exchange of Thailand composite index lost 21.38 points at 676.90 and the blue-chip SET 50 index was down 1.75 at 47.05. Losers overwhelmed gainers 314 to 43 and 36 stocks were unchanged on volume of 1.5 million shares worth 22.6 billion baht (573 million dollars).
Jittima Ungsuwarangsri from Far East Securities said the market was down in line with regional markets and in response to Wall Street's sharp fall Friday.
"There were no domestic factors affecting the market, which fell in line with other markets including Wall Street" and Tokyo, which was dragged down by a major row between Japan and China, she said.
Relations between Asia's two most powerful nations are at their lowest point in 30 years, with China stressing Monday it would not apologize for widespread protests triggered by Japan's approval of a nationalist textbook that glossed over wartime atrocities.
They have been further ruffled by Japan's bid for a permanent seat on the UN Security Council.
The Thai market dropped particularly sharply when compared with other regional markets as Thailand had no trading Wednesday through Friday due to the traditional new year holiday, Jittima said. Investors were likely to continue selling off Tuesday if Wall Street again closed lower, she added. The energy index plunged 4.94 percent at 12,553.51, communication dropped 3.35 percent at 96.35 and banking fell 2.78 percent to close at 234.59.
Kasikornbank was down 3.50 baht or 6.09 percent at 54.00, while Bangkok Bank closed 2.00 baht lower at 102.00 and Siam Commercial Bank shed 0.50 at 50.50. PTT Exploration and Production lost 20.00 baht or 5.95 percent at 316.00, while its parent company PTT closed 12.00 baht lower at 200.00. Siam City Cement was down 18.00 or 6.25 percent at 270.00.
Advance Info Service shed 3.00 baht to 96.00, United Communication slipped 2.50 baht at 48.50 and Thai Airways International lost 0.75 at 45.25.