Business News
Thai shares down 2.14 per cent
Jun 23, 2009, 10:03 GMT
Bangkok - Thai shares fell 2.14 per cent in value Tuesday on a combination of overseas and domestic worries.
The Stock Exchange of Thailand (SET) index ended at 569.85, down 12.44 points or 2.14 per cent.
'There were a few factors affecting stock prices today, both international and domestic,' Kerdsak Taweeteeratham, an analyst at Asia Plus Securities, said.
The dramatic fall on Wall Street Monday adversely affected most Asian markets, including SET, as did falling oil prices which undermined Thailand's petroleum stocks.
'Also, local investors are starting to worry about the government's stability,' Tawee said. 'If the government is destabilized it will affect efforts to revive the economy such as the bill allowing the government to seek 400 billion baht (11.5 billion dollars) in loans and passing the budget.'
About 40 members of parliament are currently under investigation for holding shares in companies with government contracts. If found guilty they will be disqualified and a major reshuffle may be in the cards.
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