Thai share prices up

Thai share prices closed 1.15 percent higher on Thursday on regional gains and a technical rebound after heavy losses in the past two days on political worries, dealers said. They said trading volume was thin as investors remained cautious, even though the junta leader denied rumours of an imminent counter-coup or a state of emergency to be introduced.
The Stock Exchange of Thailand (SET) composite index rose 8.33 points to 734.93, while the blue chip SET 50 index added 6.50 points to 519.80. Gainers overwhelmed losers 282 to 57, with 106 stocks unchanged on turnover of 1.85 billion shares worth 10.88 billion baht (314 million dollars). The Thai baht closed at 34.64-65 to the dollar, almost unchanged from Wednesday's 34.62-64. Against the euro, the Thai currency finished at 46.07-11 from 45.96-46.00.
The market rebounded after losing almost 50 points or 3.69 percent over the past two days on worries over rising tension between the coup leader and deposed Premier Thaksin Shinawatra. Tensions soared after a junta-appointed anti-corruption team on Monday ordered a freeze on at least 52.9 billion baht (1.52 billion dollars) belonging to Thaksin and his family. The order came after two weeks of daily protests, demanding the military leaders to step down.
The uncertainties sparked rumours that the junta would stage a counter-coup or introduce a state of emergency to defuse the protest, sending stocks to plunge by 2.26 percent Wednesday, the biggest one-day selloff since early January. "The market rebound sharply, ked by heavy-weighted energy stocks, in the morning session after political fears were eased," said Mayuree Chaovikran, a senior market analyst at Siam City Securities.
"Despite the moves from the junta to deny the rumours, political concerns would remain pressure the market over the next two weeks," she added. Thailand's top energy firm PTT gained 4.00 baht to 252.00 and its unit PTT Exploration and Production rose 1.00 to 103.00.
The kingdom's top lender Bangkok Bank was up 1.00 to 113.00, while the third largest lender Kasikorn Bank closed flat at 67.50. Thai Airways International edged up 0.25 to 42.25. Thailand's largest mobile phone operator, Advanced Info Service (AIS), added 0.50 to 82.50.