Thai share prices closed 1.75 percent higher on Tuesday on bargain hunting, reaching the highest level since political protests erupted in deadly violence seven months ago, dealers said. The Stock Exchange of Thailand (SET) composite index gained 9.36 points to close at 544.54, while the blue chip SET-50 index rose 6.47 points to 387.25.
Gainers overwhelmed losers 262 to 101 and 90 stocks closed unchanged on turnover of 8.0 billion shares worth 24 billion baht (697.68 million dollars). Kosin Sripaiboon, chief analyst at UOB Kay Hian Securities, said the market opened high but fell during the morning session before foreign investors began a buy-back of energy shares in the afternoon.
"Foreign investors sought bargains in energy shares so the market closed at the highest level since October 7," Kosin said. Thai police fired tear gas on thousands of protesters seeking the ouster of the government allied to fugitive former premier Thaksin Shinawatra on October last year. Bloody clashes erupted between police and demonstrators outside parliament, leaving two people dead and hundreds injured.
The government has since been replaced by a rival administration and new opposing protest rallies have been launched that have continued to cause huge economic damage. Kosin said the health ministry's announcement on Tuesday that two Thai nationals had contracted the A(H1N1) virus had not affected investors.
Thailand's top energy firm PTT Plc closed unchanged at 220.00 baht, while subsidiary PTT Exploration and Production was up 2.50 baht at 119.50 baht. Coal producer Banpu rose 3.00 to close at 314.00. Bangkok Bank lost 1.25 to 89.50 but Siam Cement rose 5.00 to 130.00 while Thai Airways International edged up 1.20 to 16.20.