Thai share prices closed 0.12 percent higher on Thursday amid narrow trade as investors remained optimistic of an economic recovery in the United States, dealers said. They said the bourse followed the regional upward trend, despite investors taking profit in small and medium shares.
The Stock Exchange of Thailand (SET) composite index gained 0.12 points to 826.68 while the blue chip SET-50 fell 0.36 points to 593.48. Gainers outnumbered losers 220 to 124 with 108 stocks unchanged on turnover of 5.12 billion shares worth 17.75 billion baht (561.27 million dollars).
The baht depreciated against the dollar, closing at 31.62-64 from Wednesday's 31.51-54. Against the euro, the Thai unit was quoted at 49.20-26 from 49.29-35. "The market rose - but with a small volume - as positive sentiment continued from yesterday," said Chai Chirasevenupraphand, market strategist at Capital Nomura Securities. Asian markets rallied on Wednesday as positive banking news emerged from the United States and eased concerns about the world's largest economy.
But the good news was quickly tempered when US Federal Reserve chairman Ben Bernanke suggested that the US economy could slide into a recession during the first half of 2008. "Trading was narrow, and was mostly in the property and construction commodity sectors," Chai said. "Overall, fears over a recession in the US economy still loomed over the market and investors remain cautious."
Thailand's biggest energy firm PTT was unchanged at 320.00 baht while its subsidiary PTT Exploration and Production fell 1.00 to 151.00. Another major energy firm Banpu also lost 4.00 to 396.00. The kingdom's largest lender Bangkok Bank rose 2.00 to 140.00. Thai Airways International edged up 0.50 to 29.50, while Thailand's biggest mobile phone operator, Advanced Info Service, slipped 0.50 to 98.50.