Thai stock slump knocks other SE Asian bourses

Thai stock slump knocks other SE Asian bourses

BANGKOK (AFP): Thai share prices dropped 2.4 percent yesterday on concerns about the baht and the economy, knocking down other Southeast Asian bourses but leaving major markets such as Tokyo and Sydney unscathed.

Analysts said the Thai market closed off lows on late bargain- hunting.

Poonpipat Finance and Securities analyst Nunthana Nuan-In said the success of the government's defense of the baht in foreign exchange markets Wednesday had helped slow selling of stocks by foreign investors.

The Stock Exchange of Thailand (SET) broad-based index was down 13.43 points at 557.87 points, off a low of 544.10 points, while the SET-50 select index declined 1.22 points to 40.40 points.

In Jakarta, share prices fell 2.0 percent as foreign institutions sold leading stocks in response to the Thai currency crisis and domestic reports of election violence, dealers said.

"My best feeling is some people have lost confidence in this market following the Thai financial crisis," said an institutional sales representative with a Hong Kong brokerage. The Jakarta Stock Exchange composite index closed down 13.30 points at 656. 99 points.

In Tokyo, share prices fell with the key market barometer closing 0. 8 percent lower on selling of blue chips following the yen's rally, brokers said.

The Nikkei average of 225 selected issues on the Tokyo Stock Exchange fell 153.41 points to end the session at 20,056.31 points, while the broader Topix index of all first section issues dropped 13.13 points to 1,489.18.

In Kuala Lumpur, Malaysia's key stock index fell 2.9 percent on heavy selling by foreign investors who were unnerved by the Thai baht crisis.

The Kuala Lumpur Stock Exchange's 100-share weighted composite index tumbled 31.22 points to 1,041.27, after reaching an intra- day low of 1,024. 19. The second board index dipped 15.32 points, or three percent, to 501.49.

In Singapore, the blue-chip share prices closed 1.4 percent lower on selling by foreign funds prompted by the Thai currency crisis and domestic economic worries.

The Straits Times Industrials index of leading shares on the Stock Exchange of Singapore fell 28.52 points to 2,069.74 as worries over slowing bank loan growth and reports on a bleak outlook for the property sector weighed down sentiment further.

In Hong Kong, share prices closed 0.8 percent lower on profit- taking after hitting all-time closing high the previous day, dealers said.

The Stock Exchange of Hong Kong's key Hang Seng Index lost 111.68 points to finish at 14,041.90.

In Sydney, the Australian Stock Exchange's main indicator, the all ordinaries index, dipped 5.4 points to 2,525.0.

In Seoul, the composite index rose 16.09 points to close at 699.95, off a high of 705.10.

In Manila, the Philippine Stock Exchange composite index fell 74.83 points to close at 2,631.09.

In Taipei, the Taiwan Stock Exchange weighted price index slid 185.52 points to 7,996. 10.

In Shanghai, the B share index rose 1.26 points to close at 88.77 points. The A share index of domestically-traded shares rose 40.73 points, or 2.8 percent, to 1,483.24.

In Wellington, the key New Zealand Stock Exchange 40 capital index rose 9.73 points to 2, 310.72.