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Thai Stock Exchange Slides to Close at 13-Month Low.
Byline: Parista Yuthamanop
Nov. 8--Thai shares yesterday closed down 2.29 percent at a 13-month low, with investors shrugging off Tuesday's interest rate cut by the US Federal Reserve to focus on the local economy.
Most Asian markets closed lower yesterday, despite the half-point rate cut by the Fed, the tenth cut this year. The US Fed Funds rate now stands at 2 percent , the lowest level in 40 years.
Analysts said the sharp slowdown of the US economy and gloomy local prospects would continue to hurt short-term prospects for Thai shares.
Yesterday the Stock Exchange of Thailand index closed down 6.22 points at 265.22 in turnover worth 1.92 billion baht. Leading trade was banks, off 2.42 percent, property stocks, down 1.93 percent, and finance, down 4.25 percent.
Foreign investors yesterday were net sellers, with 803 million baht in securities sold against 627 million purchased.
Share trade has been sluggish throughout the week, in part due to a new spread system introduced on Monday to curb speculation and investors consolidating cash to buy the PTT Plc initial public offering next week.
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