Thai share prices closed flat on Thursday as sentiment was downbeat following a drop on Wall Street with investors trading with caution amid fresh fears over higher US interest rates, dealers said. They said foreign investors stayed on the sidelines due to a lack of new leads in the Thai market.
The Stock Exchange of Thailand (SET) composite index slipped just 0.59 points to 758.83, while the blue chip SET 50 index declined 0.91 points to 537.97. Gainers led losers 196 to 149, with 114 stocks unchanged on turnover of 4.2 billion shares worth 16 billion baht (462 million dollars).
The Thai baht traded flat against the dollar, closing at a nine-year high of 34.57-59. Against the euro, the Thai currency finished at 46.65-70 from Wednesday's 46.72-77. "Concern over US interest rates pressured the market," said Kavee Chukitkasem, a senior market analyst at Kasikorn Securities, adding sentiment was sluggish in line with a heavy fall on Wall Street Wednesday.
US stocks dropped on fresh fears over higher interest rates as a spike in US labour costs sparked worries that the Federal Reserve might raise interest rates later this year. Apart from the US rate factor, the Thai market was flat due to a lack of new domestic leads, Kavee said.
Thailand's top energy firm PTT rose 2.00 baht to 270.00 but its unit PTT Exploration and Production fell 1.00 to 105.00. The kingdom's top lender Bangkok Bank lost 1.00 to 116.00, but the third largest lender Kasikorn Bank added 0.50 to 70.50. Thai Airways International slipped 0.25 to 44.50 and Thailand's largest mobile phone operator, Advanced Info Service, also fell 0.50 to 90.00.