Thai share prices closed 1.99 percent lower on Wednesday as investors stayed on the sidelines amid concern over North Korea's missile launches, dealers said. They said the Thai market was also under pressure due to profit-taking.
The Stock Exchange of Thailand (SET) composite index dropped 13.80 points to 680.72, while the blue chip SET 50 index lost 11.68 points to 473.51. Losers outnumbered gainers 272 to 65 while 84 stocks were unchanged on trade of 1.7 billion shares worth 10.9 billion baht (287 million dollars).
The Thai baht on Wednesday closed at 38.15-17 to the dollar from 37.87-97 on Tuesday. Against the euro, the Thai currency finished at 48.58-73 from 48.45-70.
"The market fell due to North Korea's missile launches. Investors were worried about regional tensions following the missile tests," said Pichai Lertsupongkit, a senior market analyst at Prudential Siam Securities.
North Korea test-fired seven missiles including a long-range Taepodong-2 that can reach US soil, triggering condemnation from the United States and Asian neighbours.
"Investors stayed on the sidelines as they were taking a wait-and-see stance over the North Korean situation," Pichai said.
The market also fell as investors locked in profits after the kingdom's stock exchange extended gains for six consecutive days. Thailand's top energy firm PTT dropped 8.00 baht to 232.00 and its subsidiary PTT Exploration and Production fell 3.00 to 109.00. The kingdom's biggest lender Bangkok Bank lost 2.00 to 103.00 and Kasikorn Bank, the third-largest bank, shed 1.50 to 58.50. Thai Airways International slipped 0.50 to 40.00 and Thailand's top mobile operator, Advanced Info Service (AIS), fell 3.00 to 87.00.