Thai Bourse Closes Year With Sluggish Trade

[george]

Thai bourse closes year with sluggish trade

BANGKOK: -- The Stock Exchange of Thailand (SET) composite index Friday moved in a narrow range with thin turnover due to the lack of fresh factors to stimulate investment while most investors, particularly foreigners, preferred to stay on the sidelines due to the coming New Year celebrations.

The SET index fell 0.52 points to close at 679.84 points on a total turnover of about Bt9.2 billion. The Market for Alternative Investment closed at 193.43 points, up 1.61 points from Thursday, with turnover of Bt108.5 million.

An analyst at Asia Plus Securities Public Co., Ltd. said the SET was sluggish with its index moving in a narrow range. Foreign investors bought marginally but their confidence remained thin on long holidays because of the New Year holidays.

The SET index had gained steadily earlier this month but suffered the largest one-day drop in its 31-year history -- a loss of 108.41 points -- on December 19 as investors dumped shares in reaction to the central bank's harsh new 30 per cent reserve rule on capital inflows.

Meanwhile, an analyst at Siam City Bank Securities said the bourse, which will open January 3, is expected to remain inactive throughout the week as foreign investor confidence remains poor in response to the central bank regulation. The SET support level is projected at 665 points while its resistance level is around 682 points.

--TNA 2006-12-30