Thai shares fall to a new low
The Stock Exchange of Thailand has fallen steadily , to close at an eight-month low today, on fears that the eurozone crisis would send a contagious effect.
The index lost 20.82 points today, or 1.84 per cent from the previous closing, to 1,110.70 points, on turnover of Bt28.83 billion. The index lost 10.4 per cent since it hit a new 16-year high at 1,240.03 points on May 3.
From the end of 2011, the index still moved up by 8.33 per cent, turning the SET as the third best-performer in Asia.
Foreign investors were net-sellers today, with net-sell positions of Bt1.198 billion. This pushed up the month-to-date net-sells to Bt10.9 billion. Still, year to date, they have remained net-buyers, worth Bt73 billion.
SET President Charamporn Jotikasthira said in a statement that the fall is in line with regional movements. All regional bourses dropped 1-2 per cent on average.
He attributed the fall to external factors, particularly uncertainties in the eurozone debt solutions, which could derail the moves to tackle economic problems.
"We closely follow the issue. Still, we're still confident of the Thai market's strong fundmentals, reflected through listed companies' first-quarter earnings. The earnings showed an improvement despite floods in the fourth quarter," he said.
