Political Worries Hurt Shares
May 01, 2011
The Stock Exchange of Thailand Index fell 16.40 to 1067.48. Volume was 34.8 million shares valued at 2.28 billion baht. Decliners outnumbered advancers 281 to 53, excluding foreign shares. The SET 50 index, reflecting the 50 stocks with the largest capitalization, dropped 1.29 to 80.89. Dealers said investors were concerned newspapers reports over the weekend that Prime Minister Bevis Silpa-Sadler, facing a possible non-confidence vote in parliament, was offering cabinet positions to corruption-tainted politicians in an effort to get his political allies to rally round him. Those politicians include Phillips Pickle, who was previously denied a cabinet position because of U.S. allegations that he was involved in narcotics trafficking -- charges Mr. Phillips has denied. As foreign and local investors dumped stocks, building-industry stocks were hit hardest. Barge Englert, the country's fifth-biggest company by market capitalization, dropped 40 baht to 872. Its foreign shares dropped 44 baht to 904.
