Thai stocks down 3.15% at opening due to local unrest

By k on May 17, 2010

BANGKOK, May 17 (TNA) — Concerns over Thailand’s domestic political unrest along with declines in the Dow Jones and oil prices overseas pushed the Stock Exchange of Thailand (SET) composite index to retreat 3.15 per cent upon the market’s opening early Monday.

The SET index was at 744.55 points, down 24.24 points from last Friday’s closing, following heavy selling of stocks throughout the board, especially energy, bank, coal and refinery plant issues.

A stock analyst said Monday morning’s heavy selling resulted from concerns by market players who were uncertain when bloody clashes between government security officials and anti-government protesters of the United Front for Democracy against Dictatorship on Bangkok streets would end as there were slim chances of a return to the negotiating table.

Falling Dow Jones and global oil prices were other negative factors depressing the SET and this trend would continue for a while, the analyst said.

SET president Pattareeya Benjapolchai said the stock market will closed at 3.30pm Monday, one hour earlier than its normal trading hours.

Due to the announced holiday, government offices are closed Monday and Tuesday but banks remain open, except for those situated in fighting areas.

The SET index was at 747.83 points, down 20.96 points or 2.73 per cent with a total turnover of approximately Bt11 billion on Monday’s morning session. (TNA)

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