Thai stock market ends higher after protest crackdown

BANGKOK (BestGrowthStock) – Thailand’s benchmark stock index (.SETI: ) ended up 0.71 percent at 765.54 on Wednesday, closing early because of political violence in the center of Bangkok.

Analysts said some investors bought on news the military had moved in to disperse anti-government “red shirt” protesters who have paralyzed a central commercial district for over six weeks.

The index had fallen about 1 percent in early trade. Turnover was moderate at 14.3 billion baht ($443 million).

“The index turned into positive territory due to hopes that the country’s turmoil could end soon,” said Veerachai Krongsamsri, a senior analyst at Far East Securities.

“But the rebound might be short-term as the anti-government elements are unlikely to stop protesting. There will be scattered rallies in the provinces,” he added.

Stocks on the move include:

BANKS (.SETB: ) UP

The big four banks edged up on speculative buying after recent falls, even though they announced they would close all branches in Bangkok in the afternoon as the violence escalated.

The four are Bangkok Bank (BBL.BK: ), Krung Thai Bank (KTB.BK: ), Siam Commercial Bank (SCB.BK: ) and Kasikornbank (KBAN.BK: ).

0530 GMT

BIG CAPS BOUNCE BACK

The market’s biggest firm, PTT (PTT.BK: ), was up 0.4 percent at 250 baht, top coal miner Banpu (BANP.BK: ) gained 0.3 percent to 612 baht, food firm Charoen Pokphand Foods (CPF.BK: ) was up 0.6 percent at 17.5 baht and Kasikornbank (KBAN.BK: ) rose 0.9 percent to 88 baht.

0420 GMT

BMCL (BMCL.BK: ) DOWN, POLITICAL PROTESTS HIT TRAFFIC

The subway operator was down 1.5 percent at 0.66 baht on expectations the Bangkok political protests would lower its traffic volume. Broker Ayudhya Securities rated “sell” on the stock, with target price of 0.56 baht.

Growth Stocks

($1=32.36 Baht)

(Reporting by Arada Therdthammakun and Wirat Buranakanokthanasarn; Editing by Khettiya Jittapong)

Thai stock market ends higher after protest crackdown