Thai shares close 3.85 percent lower

16 Oct, 2008

Thai share prices closed 3.85 percent lower on Wednesday due mainly to profit taking following a steep rise in the market the previous day, dealers said. Concerns over the global financial turmoil loomed over the index and clashes at the disputed border between Thailand and Cambodia contributed to negative sentiment, they said.
The Stock Exchange of Thailand (SET) composite index fell 19.27 points to close at 481.50 points, while the blue chip SET-50 index lost 16.85 points to 335.08. Losers overwhelmed gainers 265 to 94 with 69 stocks unchanged on turnover of 11.01 billion shares worth 17.60 billion baht (515.78 million dollars).
The Thai baht weakened against the dollar and closed at 34.12-14 baht from Tuesday's 34.06-08 baht. But it gained against the euro and finished at 46.42-48 baht from 46.57-62 baht the previous day. "The market was volatile, like other regional markets. It fell because investors sold shares to take profits after a sharp rise at the market yesterday," said Ronnakrit Sarinwong, executive vice president at Adkinson Securities.
Thailand's bourse rebounded on Tuesday after dropping sharply last week as the global credit crisis continued. But renewed fighting at the Thai-Cambodian border on Wednesday frightened off some investors. Thailand's top energy firm PTT lost 9.00 baht to close at 181.00 baht, while its subsidiary PTT Exploration and Production fell 5.00 to 105.00. Banpu, a major coal miner, also lost 14.00 to 190.00.
The country's biggest lender Bangkok Bank shed 9.50 to 78.00. Kasikornbank slipped 2.50 to 55.00, while Siam Commercial Bank lost 3.00 to 60.00. The kingdom's biggest telephone operator Advance Info Service fell 3.00 to 76.00, while flagship carrier Thai Airways was unchanged at 9.60.

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