Thai share prices closed 1.1 percent higher on Friday, in line with other regional stocks as worries eased over future US interest rate hikes, dealers said. The Stock Exchange of Thailand (SET) composite index rose 7.42 points to 678.13 while the blue chip SET 50 index gained 5.80 points to 471.54.
Gainers led losers 204 to 123 while 105 stocks were unchanged on trade of 2.66 billion shares worth 19.1 billion baht (500 million dollars). The Thai baht closed at 38.16-19 to the dollar, compared to Thursday's 38.45-47. Against the euro, the Thai currency closed at 48.52-56 from 48.16-21. "Stocks closed higher across the region as the Fed sent a clear signal that it would not raise interest rates further," said Sukhbir Khanijoh, a stock analyst at Tritiny Securities.
The US Federal Reserve on Thursday increased interest rates by a quarter-point percent to 5.25 percent in a widely expected move but also hinted at a pause in interest rate rises. Sukhbir said investors took heart from the Fed's statement, which eased fears over slowing global economic growth and boosted buying sentiment across the region.
The analyst added the Thai market also rose as investors bought banking and energy shares to adjust their portfolios at the end of the second quarter. Thailand's top energy firm PTT rose 4.00 baht to 226.00 and its subsidiary PTT Exploration and Production gained 1.00 baht 106.00. Mobile phone giant Advanced Info Service rose 3.50 to 90.00. The biggest lender Bangkok Bank added 2.50 to 102.00 and Kasikorn Bank, the third-largest bank, rose 0.50 to 59.00. Thai Airways International lost 0.50 to 39.25.