Thai share prices closed 0.45 percent higher on Thursday led by the energy sector, which was buoyed by soaring global oil prices, dealers said. They said investors were also upbeat following a bold US interest rate cut aimed at boosting the US economy.
The Stock Exchange of Thailand (SET) composite index gained 3.64 points to 815.43 and the blue chip SET-50 index added 3.28 points to 590.35. Gainers slightly outnumbered losers 149 to 147 with 131 stocks unchanged on turnover of 1.4 billion shares worth 14.4 billion baht (420.4 million dollars).
The Thai baht remained stable against the dollar amid sluggish trade, closing at 34.24-26 from Wednesday's 34.25-26. The Thai unit gained against the euro, closing at 48.00-10 compared to Wednesday's close of 47.75-82.
"Energy stocks led the market and gave an outstanding performance, because they gain from high oil prices. Their trading accounted for one third of the turnover," said Pichai Lertsupongkit, senior analyst at Thanachart Securities. Oil prices have soared to new highs on international markets and were approaching 82 dollars a barrel in early electronic trading Thursday. Thailand's energy sector rose 0.96 percent.
"There was profit taking in the late afternoon session after the index failed to break through the 820-point mark," Pichai added. Thai stocks rose for the second straight day after the US central bank on Tuesday cut the federal funds rate, which banks charge each other for overnight loans, by a half point to 4.75 percent, the first reduction in four years.
Thailand's top energy firm PTT gained 2.00 baht to 320.00. Its subsidiary PTT Chemical soared 7.00 to 130.00, and PTT Exploration and Production rose 1.00 to close at 131.00. The nation's top lender Bangkok Bank was unchanged at 115.00, as was Kasikornbank, which closed at 75.00. Siam Cement edged up 2.00 to 246.00, but Thai Airways International lost 0.50 to 41.00.