Thai share prices closed marginally higher on Friday, supported by gains across the region as concerns over China's breakneck economic growth eased, dealers said.
But the broader Thai market was kept in check as investors grew jittery over the kingdom's political outlook as a major rally against the military-backed government was scheduled for later this month. The Stock Exchange of Thailand (SET) composite index rose just 0.30 points to 687.53, while the blue chip SET 50 index added 0.12 points to 482.43.
Gainers led losers 154 to 121, with 160 stocks unchanged on turnover of 1.1 billion shares worth 7.0 billion baht (201 million dollars). The Thai baht closed flat against the dollar at a nine-year high of 34.77-79. Against the euro, the Thai unit finished at 47.30-40 from Thursday's 47.26-30.
"The market managed to hold firm mainly due to easing worries over the Chinese economy. Investors were very worried the economy could head toward a hard landing," said an analyst at Capital Nomura Securities. But the market's gains were modest amid growing uncertainty over Thailand's post-coup political outlook as the country braced for a major protest against the ruling junta on April 27. "Investors were worried that Thailand could enter prolonged political turmoil," said the Nomura analyst who declined to be named.
Thailand's top energy firm PTT was unchanged at 212.00, and its subsidiary PTT Exploration and Production also traded flat at 89.50. The nation's top lender Bangkok Bank rose 1.00 baht to 113.00, while the third-largest lender Kasikorn Bank added 0.50 to 67.00. Thai Airways International slipped 0.25 to 47.25, while Thailand's largest mobile phone operator, Advanced Info Service, was unchanged at 74.00.