Thai share prices dropped 2.93 percent on Monday as selling spread across the board amid fears over rising US interest rates, dealers said. They said investors also dumped shares in line with a plunge in regional markets as the Indian stock market crashed 10 percent in early trading and Japanese shares closed at a two-month low.
The Stock Exchange of Thailand (SET) composite index tumbled 21.89 points to 724.44, while the blue chip SET 50 index lost 15.53 points to 501.08. Losers far outnumbered gainers 384 to 32 and 46 stocks were unchanged with 2.9 billion shares worth 17.5 billion baht (456 million dollars) traded.
The Thai baht closed Monday at 38.39-42 to the dollar, compared with Friday's 38.12-16. Against the euro, the Thai unit closed at 48.95-49.00, against 48.60-60.
"Foreign investors sold shares in the banking, energy, communication and all kinds of sectors today due to concern over US interest rates," said Kanang Duangmanee, a senior economist at Kasikorn Research Center.
Sukit Udomsirikul, a senior market analyst at Siam City Securities, said investors were jittery over rising US interest rates, which could hurt the US economy and pressure corporate profits. "They were worried over all the negative effects" from high US interest rates, Sukit said.
Shares in Thailand's top energy firm PTT fell 4.00 to 246.00 baht and its subsidiary PTT Exploration and Production lost 5.00 to 111.00. Thailand's top lender Bangkok Bank declined 1.00 to 109.00, and Kasikorn Bank, the third-largest bank, lost 1.50 to 63.00. Siam Commercial Bank, the fourth-largest lender, was also down 1.50 at 60.00. Thai Airways International was unchanged at 45.50. Thailand's top mobile operator, Advanced Info Service (AIS), dropped 6.50 to 91.50.