Thai stocks fell one percent on Monday as investors cashed in on early gains boosted by easing oil worries, with shares in Thai Petrochemical Industry tumbling on concerns its debt plan will be delayed.
Thai Petrochemical shares fell 3.59 percent at 9.4 baht after company founder Prachai Leophairatana said he planned to propose a new debt restructuring plan to the Finance Ministry, the plan's administrator.
"This triggered market concerns that the debt restructuring plan would be delayed again," said Bualuang Securities strategist Thanarat Isaragult.
The benchmark Stock Exchange of Thailand (SET) composite index ended down 6.51 points, or 1.06 percent, at 608.90 and the big-cap SET 50 fell 1.27 percent to 41.21 points.
Turnover fell to 17.7 billion baht ($434.7 million) from 21.9 billion baht on Friday.
Dealers said bargain hunters locked in quick profits after the index rose more than one percent in early trade, when it was cheered by world oil prices sinking nearly one percent after Saudi Arabia urged fellow Opec nations to raise output.
"Then the market started to question the direction of oil prices and they were cautious ahead of the oil meeting next week," Thanarat said.
Ministers are due to discuss production policy at a scheduled meeting of the Organisation of the Petroleum Exporting Countries (OPEC) on June 3 in Beirut.
Thanarat said he expected volatile trading on Tuesday, as bargain hunters would dominate the market, with resistance of the main index at 630 points and support at 600 points.
Profit taking ate in early gains in finance stocks, which ended down 0.72 percent, telecommunications shares, down 1.01 percent and property stocks, off 0.81 percent.
Among the most actively traded were shares in ABN Amro Asia Securities, one of Thailand's top three brokerages by market share, which fell 1.88 percent to 78.5 baht after an early rise of almost two percent.
Shares in top Internet service provider, CS Loxinfo ended unchanged at 9.6 baht following a three percent rise in early trade on expectations of good earnings this year after the company reported strong first quarter result early this month.
But shares in Shin Satellite, Asia's second largest satellite operator, rose 3.3 percent to 12.4 baht after the firm said it would sign iPSTAR contracts with two companies in New Zealand in the next week or two.
Shares in Thai Gypsum Products rose 50.2 percent to 6.7 baht after the firm announced a delisting plan involving a tender offer at higher than the 4.46 baht price at which the shares closed on Wednesday.
The shares were suspended from trading on Thursday and Friday.
The exchange suspended the shares again briefly in the morning in order to expand the daily price limit, capped at 30 percent, to cover the tender price.
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