April 9, 2013 / 4:37 AM / 4 years ago

Thai stocks fall to 2-week low as baht surges

BANGKOK, April 9 (Reuters) - Thailand's main stock index
 fell almost 1 percent to a two-week low of 1,478.29 on
Tuesday as the baht hit another 16-year high against the dollar,
raising concern about exports and possible measures by the
authorities to hold the currency down.
    Weakness in tourist sector stocks also played a part,
dealers said, although volume in general was low.
    Currency traders said the baht was being driven up
by investors borrowing yen cheaply and looking for
higher-yielding assets in Thailand. 
    "It seemed to be a combination of a strong baht and a
catch-up play. I think the early selling also reflected weakness
in Southeast Asia yesterday when the Thai market was closed,"
said Chai Chirasevenupraphund, a strategist at Capital Nomura
Securities. Monday was a public holiday in Thailand.
    Broker KGI Securities advised investors to avoid
tourism-related stocks after bird flu cases in China.
 
    Among underperformers, shares in airport operator Airports
of Thailand Pcl dropped nearly 4 percent to 111.5 baht
while hotel group Minor International Pcl lost 2.7
percent to 21.6 baht.
    
 ----------------------MARKET SNAPSHOT @ 0412 GMT ------------
                     INSTRUMENT   LAST       PCT CHG   NET CHG
 SET INDEX                        1480.35     -0.62%    -9.180
 SET 100 INDEX                    2180.05     -0.63%   -13.840
 SET 50 INDEX                     976.36      -0.62%    -6.120
 SET 50 INDEX FUTURES<0#S50:>     970.1       -0.37%    -3.600
 SET ENERGY                       20252.85     0.14%    27.580
 SET BANK                         576.34      -1.23%    -7.160
 SET TELECOMS                     205.39      -0.63%    -1.310
 SET PROPERTY                     318.83      -0.74%    -2.380
 SET FINANCE                      1728.58     -0.25%    -4.370
                                  VOLUME    TURNOVER          
 SET TRADING VOLUME               4462509   12197207     X1000
 -------------------------------------------------------------
 
 (Reporting by Viparat Jantraprap in Bangkok; Editing by Alan
Raybould)

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