Thai share prices closed marginally lower on Friday as other regional stocks consolidated following overnight weakness on Wall Street amid lingering fears over a US credit squeeze, dealers said.
They said investors also took a wait-and-see stance ahead of next week's expected announcement of a date for general elections in Thailand as well as a rate-setting meeting at the central bank.
The Stock Exchange of Thailand (SET) composite index shed 0.78 points, or 0.10 percent, to 790.92 and the blue chip SET 50 index slipped 0.49 points to 565.06. Losers led gainers 173 to 156, with 132 stocks unchanged on turnover of 1.9 billion shares worth 9.9 billion baht (289 million dollars).
The Thai baht was almost unchanged against the dollar, closing at 34.39-42. Against the euro, the Thai unit finished at 46.70-75 from 46.60-80. "Investors remain worried about further potential damage from US subprime loans, which are likely to spread to affect other sectors such as auto finance and personal credit," said Pichai Lertsupongkit, senior vice president of Thanachart Securities.
Meanwhile, investors were waiting for the military-installed government to make an announcement expected next week on a date for new elections, Pichai said. Voters approved an army-backed constitution in a referendum last weekend, and the military has promised to hold general elections by the end of the year.
"If the election is held in December as promised by the government, domestic consumption and investment would pick up next year," he said. Also, the market expects the central bank next week to slash its key interest rate to spur economic growth.
Thailand's top energy firm PTT gained 2.00 baht to 290.00, and its unit PTT Exploration and Production added 1.00 to 113.00. Top lender Bangkok Bank also lost 1.00 to 116.00. Thai Airways International was unchanged at 41.75. The kingdom's largest mobile phone operator Advanced Info Service dropped 3.00 to 91.50.