Thai share prices close down

31 Oct, 2006

Thai share prices closed 0.97 percent lower on Monday with a continuing strengthening of the Thai baht, dealers said. They said there were no positive factors to help the market and it declined amid a mixed performance by benchmarks elsewhere in the region, as the baht continued to trade near a seven-year high.
The Stock Exchange of Thailand (SET) composite index fell 7.03 points to 718.74 and the blue chip SET 50 index lost 6.57 points to 502.07. Losers outnumbered gainers 244 to 104 with 97 stocks unchanged on turnover of 1.8 billion shares worth 7.4 billion baht (201 million dollars).
The Thai baht continued near its seven-year high at 36.78-80 to the dollar from Friday's 36.87-89, but weakened at 46.76-80 to the euro from 46.71-75.
The Bank of Thailand said Monday that it had again intervened to slow the baht's rise against the dollar, following a similar intervention Friday. Authorities declined to say how much had been spent to soften the currency.
"Foreign investors are worried about taking profit in the Thai and the forex markets," said Wiriya Lappromrattana, head of research at Kiatnakin Securities. "Thai investors are worried about foreign investors selling for profit in the Thai market."
The SET continued its decline after falling at the end of last week, she said. "Right now, there are no positive factors to push the SET up," Wiriya said. Thailand's largest energy firm PTT fell 4.00 baht to 224.00, as did its subsidiary PTT Exploration and Production, which declined 2.00 to 110.00. The country's top lender Bangkok Bank was down 2.00 to 115.00, and the third-largest lender Kasikorn Bank dropped 2.00 to 68.50. Thai Airways International fell 1.00 to 46.75, and Thailand's top mobile phone operator, Advanced Info Service, was down 2.00 to 89.50.

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