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Thai shares close 1.03 percent lower on regional falls

BANGKOK (AFP) - Thai share prices closed 1.03 percent

September 7, 2007
BANGKOK (AFP) - Thai share prices closed 1.03 percent lower on Friday as sentiment turned sluggish due to slumps in the Japanese and Chinese markets, dealers said.

       They said investors also traded with caution amid speculation over the successor to Thailand's junta leader and the army chief, General Sonthi Boonyaratglin, who will retire at the end of this month.

       The Stock Exchange of Thailand (SET) composite index fell 8.36 points to 801.46 and the bluechip SET 50 index lost 6.70 points to 577.90.

       Losers far outnumbered gainers 240 to 77, with 123 stocks unchanged on turnover of 1.7 billion shares worth 15.7 billion baht (458 million dollars).

       The Thai baht was marginally higher against the dollar, closing at 34.26-27 Friday from 34.29-31. Against the euro, the Thai currency was quoted at 46.85-91 from 46.77-89.

       "Selling spread to almost every sector due to weak sentiment," Chai Chirasevenupraphand, a market strategist at Capital Nomura Securities, said, adding sentiment was downbeat due to falls in Hong Kong, Shanghai and Tokyo.

       Investors were also cautious ahead of an expected announcement of Thailand's new army chief, the most powerful man in the kingdom's military, as local papers were rile with speculations over Sonthi's successor.

       The announcement will likely come at the end of September.

       Thailand's top energy firm PTT fell 2.00 baht to 312.00 and its unit PTT Exploration and Production also lost 2.00 to 121.00.

       Top lender Bangkok Bank declined 2.00 to 115.00.

       Thai Airways International edged down 0.50 to 42.00, and the kingdom's largest mobile phone operator Advanced Info Service lost 3.50 to 89.00.