Thai shares decline

20 Jun, 2007

Thai share prices closed 0.32 percent lower on Tuesday, as new corruption charges against ousted premier Thaksin Shinawatra triggered concerns of stronger anti-junta protests, dealers said. They said profit-taking mainly in heavyweight energy stocks also pushed the Thai index down despite gains in other markets around the region.
The Stock Exchange of Thailand (SET) composite index lost 2.42 points to 763.78, while the blue chip SET 50 index shed 2.30 points to 542.30. Losers led gainers 193 to 148 with 120 stocks unchanged on turnover of 3.67 billion shares worth 16.83 billion baht (486 million dollars).
The Thai baht held firm to the dollar, closing at 34.58-62 to the unit from Monday's 34.57-65. Against the euro, the Thai currency finished at 46.22-45 from 46.30-45. Adisak Kammool, a senior market analyst at KGI Securities, said political uncertainty weighed down the Thai market.
The police Department of Special Investigation on Tuesday charged ousted Premier Thaksin Shinawatra and his wife Pojaman with illegally concealing their assets from regulators, and ordered them to return to Thailand to hear the charges.
The order came a day after the Thai prosecutors agreed to file criminal charges against Thaksin and his wife in a Thai court on Thursday over a controversial land purchase.
"The latest case against Thaksin pressured market sentiment, sparking worries that the ongoing protests organised by Thaksin could intensify as they are set for a major protest later by the end of the week," Adisak said.
Anti-coup protesters led by Thaksin supporters have been holding daily rallies in central Bangkok, demanding the resignation of the country's junta and early elections. Adisak said energy stocks, which dominate almost 30 percent of the Thai bourse, dropped 0.6 percent on profit-taking along with petrochemical and telecom stocks.
Thailand's top energy firm PTT dropped 4.00 baht to 266.00 while its unit PTT Exploration and Production gained 1.00 to 111.00. The kingdom's top lender Bangkok Bank closed flat at 117.00 and the third largest lender Kasikorn Bank gained 1.00 to 71.00. Thai Airways International slipped 0.25 to 43.75. Thailand's largest mobile phone operator, Advanced Info Service (AIS), edged down 0.50 to 87.50.

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