Thai share prices closed 0.40 percent lower on Tuesday with investors disappointed by the post-coup government's announcement that lifting martial law was not urgent, dealers said. They said the market was also under pressure due to profit-taking.
The Stock Exchange of Thailand (SET) composite index fell 2.96 points to 733.87, and the blue chip SET50 index lost 1.99 points to 514.47. Losers led gainers 230 to 136, with 97 stocks unchanged on turnover of 3.9 billion shares worth 20.1 billion baht (553 million dollars).
The Thai baht rose to an eight-year high of 36.41-43 to the dollar from 36.50-53 on Monday, and finished at 46.71-78 to the euro from 46.86-91. "Investors turned sellers due to disappointment as the government did not announce the lifting of martial law," said Thanomsak Saharatchai, a senior market analyst at Capital Nomura Securities.
"They thought the government will make an announcement after the cabinet meeting today," Thanomsak said. Instead, Thailand's military-backed Prime Minister Surayud Chulanont said lifting martial law, imposed after a September coup, was not urgent and the subject was not even discussed during the meeting Tuesday.
Surayud was installed by the military, which ousted former premier Thaksin Shinawatra in the bloodless putsch on September 19. Thailand's largest energy firm PTT Plc was unchanged at 226.00 baht but its subsidiary PTT Exploration and Production rose 1.00 to 107.00. The kingdom's top lender Bangkok Bank traded flat at 125.00 and the third-largest lender Kasikorn Bank was also unchanged at 71.50. Flag carrier Thai Airways International edged up 0.75 to 49.25.