The Thai stock market closed up 3.25 percent on Friday, ending four days of losses after bargain hunters bought energy, banking and property shares, an analyst said. The Stock Exchange of Thailand (SET) composite index rose 18.55 points to close at 588.98, while the blue chip SET-50 index gained 15.20 points to finish at 423.47.
Gainers overwhelmed losers 297 to 47 stocks while 77 stocks were unchanged with turnover of 2.9 billion shares worth 16.1 billion baht (471.7 million dollars). The Thai baht was almost unchanged against the dollar to close Friday at 34.13-15 baht, compared to Thursday's close of 34.14-16.
The baht slightly strengthened against the euro, closing at 47.50-52 compared to the previous day's close of 47.60-63. "Our market rebounded sharply today, after the index tumbled almost 60 points or about ten percent in past four days. The rally was led by key sectors including energy, banking and property," said Veerachai Krongsamsri, an analyst at Far East Securities.
The energy sectoral index gained 3.75 percent, and banking rose 3.90 percent. Among the blue chips, coal producer Banpu went up 11.00 baht to close at 334.00 baht, PTT Plc rose 9.00 baht to 234.00, and its subsidiary PTT Exploration and Production gained 5.50 to 134.00 baht. Thailand's largest lender Bangkok Bank gained 5.00 baht to close at 106.00 baht, Kasikornbank was up 2.50 baht to 65.25, and Siam Commercial Bank rose 2.75 to 73.00 baht. Siam Cement rose 3.00 baht to 140.00 baht.