Thai share prices closed 0.43 percent lower on Thursday on profit-taking in energy stocks as global oil prices eased amid an improvement in Middle East tensions, dealers said. They said a sell-off in telecom shares also influenced the Thai market.
The Stock Exchange of Thailand (SET) composite index fell 3.06 points to 709.01 while the blue chip SET-50 index lost 2.77 points to 497.98. Losers led gainers 164 to 157 with 120 stocks unchanged on turnover of 2.58 billion shares worth 13.45 billion baht (358.7 million dollars).
Against the dollar, the Thai baht closed at 37.56-62 after Wednesday's 37.39-46. Against the euro, the Thai currency finished at 48.16-60 from 47.83-88.
"There was huge profit-taking in energy stocks after the oil prices dropped to the level of 70 dollars a barrel," said Adisak Kammool, a senior stock analyst at KGI Securities.
"Meanwhile, telecom stocks were dumped after news report of the government's probe into Temasek's" purchase of Shin Corp in January, he said. Energy and telecom stocks make up to about 40 percent of the Thai market.
Singapore's state-linked Temasek Holdings owns more than 96 percent of telecom giant Shin Corp, which was founded by Thai Prime Minister Thaksin Shinawatra before he entered politics.
Temasek paid 1.9 billion dollars for Thaksin's family's 49 percent stake, and then bought more shares through a mandatory tender offer.
Thai media reported that government investigators were looking into some of the companies used in the complex deal to determine whether any of them acted illegally on behalf of Temasek.
Thailand's top energy firm PTT lost 6.00 baht to 248.00 and its subsidiary PTT Exploration and Production closed dropped 2.00 to 117.00.
The country's top lender Bangkok Bank closed unchanged at 108.00 and the third-largest Kasikorn Bank edged up 0.50 to 63.50.
Thai Airways International gained 1.00 to 39.50.
Thailand's largest mobile operator Advance Info Service plunged 2.50 to 90.00 while Shin Corp decreased 1.00 to 32.50.