Thai shares down on local selling
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The Stock Exchange of Thailand Index on Thursday lost its momentum, plunging to 1,455.38 points due mainly to selling spree by local institutional investors.
The Index lost 31.82 points or 2.14 per cent on turnover of Bt81.6 billion.
Local institutional investor net-sells were valued at Bt3.24 billion. Foreign investors remained net-buyers, at Bt626 million. Year to date, foreign net-buys were tuned at Bt3.2 billion while local institutional investors' net-sells at Bt8.59 billion.
Most of Asian markets, but Hong Kong and Shanghai, also closed lower.
Regional shares have enjoyed a strong run since the start of the month, fuelled by optimism about the state of the US economy and the prospects of borrowing costs being kept at ultra-low levels until at least December.
But the rally petered out Thursday as investors put their foot on the brake.
Asia Plus Securities reckoned in a research note that the SET Index could fall further, if plunging below 1,460 points.
