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New Trading Rule Sidelines Thai Investors.
Byline: Darana Chudasri
Nov. 6--Thai stocks posted the lowest trading volume of the year yesterday, with investors avoiding the market on the debut of a new system for setting bid-and-ask spreads.
Analysts said that heavy interest in several highly anticipated initial public offerings later this month also had caused turnover to decline in recent weeks.
The Stock Exchange of Thailand index yesterday closed at 272.99 points, down 1.23, in turnover worth 1.06 billion baht.
Analysts said the new spread rules, aimed at curbing speculation and price manipulation, was the main factor behind the thin trade.
Kavee Chukitkasem, assistant vice-president at Capital Nomura Securities, said the drop in volume was well expected, given the change in spreads for low-priced shares.
"Stocks that used to move in 10satang increments now move just one satang at a time, resulting in many players just sitting out the session," Mr Kavee said.
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