Thai share prices closed 0.33 percent higher on Thursday, following other Asian markets in a rebound after overnight gains on Wall Street, dealers said. They said the market rose narrowly because investors continued to sell their shares in major companies, especially in the energy sector.
While investors remain jittery over the US economic outlook and high oil prices. Sentiment on the Thai market has also been boosted by the announcement of a 40-billion-baht (1.3-billion-dollar) stimulus package this week, and the scrapping of controversial currency controls, they added.
The Stock Exchange of Thailand (SET) composite index rose 2.73 points to 827.71 and the blue chip SET-50 gained 2.21 points to 596.73. Gainers led losers 161 to 138, with 142 stocks unchanged on turnover of 2.94 billion shares worth 17.18 billion baht (544.44 million dollars).
The Thai baht closed at 31.56-57 against the dollar, little changed from Wednesday's 31.55-58. Against the euro, the Thai unit was quoted at 48.36-42 from 47.87-92. "The market rose as expected, in line with other regional markets," said Chai Chirasevenupraphand, market strategist at Capital Nomura Securities.
Chai said investors continued dumping their shares in major stocks especially in the energy sector, causing the market to rise only slightly despite healthy trading in banking and property shares.
"Investors chased gains in the property sector affected by the government's economic package, and the central bank's decision on lifting currency controls," Chai said. Finance Minister Surapong Suebwonglee said Tuesday he hoped the stimulus plan would help spur Thailand's economy to grow by at least six percent this year. The economy rose 4.8 percent in 2007, ranking among the lowest in Southeast Asia.
Thailand's biggest energy firm PTT lost 2.00 baht to 324.00 and its subsidiary PTT Exploration and Production was unchanged at 152.00. Thailand's largest lender Bangkok Bank rose 2.00 to 129.00, while the kingdom's biggest mobile phone operator, Advanced Info Service, gained 1.50 to 101.00. Shares in Thai Airways International slipped 1.25 to 29.75.