Thai share prices closed 0.11 percent lower on Friday on relieved worries over US interest rates after the Federal Reserve left its benchmark rate unchanged, dealers said. They said the Thai bourse reacted to a plunge on the Chinese market, even as Thailand's leading economic indicators remained sound in the central bank's monthly report.
The Stock Exchange of Thailand (SET) composite index dropped 0.89 points to 776.79, while the blue chip SET 50 index fell 1.14 points to 550.01. Gainers were on par with losers 162 to 161 with 128 stocks unchanged on turnover of 3.6 billion shares worth 16.97 billion baht (519.9 million dollars). The Thai baht held firm to the dollar, closing at 34.53-54 to the unit. Against the euro, the Thai unit finished at 46.48-53, almost unchanged from 46.46-53.
Adisak Kammool, a senior market analyst at KGI Securities, said economic figures released by the Bank of Thailand failed to boost stock trading. The central bank said Friday that exports jumped by 19.9 percent to 12.83 billion dollars in May as Thailand returned to a trade surplus from a deficit a month ealier. "Investors took profit on banking stocks after US interest rates were maintained at 5.25 percent, with the Fed saying inflation remained a concern."
Meanwhile, the Chinese market plunged 2.39 percent on fears of that the government was determined to mop up excess liquidity. "Fed statements indicated that the US economy still expanded moderately, but the investors were concerned that the Chinese factor would affect the Asian economy," Adisak said.
Thailand's top energy firm PTT was unchanged at 270.00 baht while its unit PTT Exploration and Production lost 1.00 to 108.00. The kingdom's top lender Bangkok Bank dropped 2.00 baht to 117.00, and the third largest lender Kasikorn Bank closed unchanged at 74. Thai Airways International edged up 0.25 to 43.25. The country's largest mobile phone operator Advanced Info Service rose 1.50 to 85.00.
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