Thai shares closed 0.52 percent lower on Thursday mainly due to short-term profit-taking after gains in the market the previous day, dealers said. They said foreign investors also continued selling shares amid persisting instability in Thai politics, soaring inflation and volatile global oil prices.
The Stock Exchange of Thailand (SET) composite index lost 4.03 points to close at 774.39 points, while the blue chip SET 50 index fell 3.17 points to close at 553.32. Losers outnumbered gainers 191 to 130 with 115 stocks unchanged on turnover of 4.02 billion shares worth 17 billion baht (506.37 million dollars). The Thai baht was little changed against the dollar, closing at 33.57-59 baht from 33.58-61 baht on Wednesday.
The Thai unit weakened against the euro, finishing at 52.64-70 baht from 52.28-35 baht the previous day. "The market fell as expected after it rose quite steeply on Wednesday. The main reason is due to profit taking in the short term," said Mayuree Chowvikran, senior vice president at Kim Eng Securities.
The Thai bourse rose in the morning, before dropping at close. Mayuree said a no-confidence vote due Friday against Thai Prime Minister Samak Sundaravej was still worrying investors, but added that most were now aware that the government was not under serious threat.
Samak's coalition dominates parliament and is expected to survive the vote, but the no confidence debate, which started Tuesday, and ongoing street protests against the government have rattled investors.
Thailand's biggest energy firm PTT was unchanged at 306.00 baht while its subsidiary PTT Exploration and Production lost 6.00 to 183.00. Another major energy firm, Banpu, was unchanged at 544.00. The kingdom's biggest lender, Bangkok Bank, gained 3.00 to 119.00. Kasikorn Bank edged up 0.50 to 74.50 while Siam Commercial Bank lost 1.50 to 80.00. Thai Airways International edged up 0.50 to close at 22.00.