Shares Fall on Iraq Strikes
May 16, 2011
The Stock Exchange of Thailand Index fell 21.78 to 1064.45. Volume was 73.8 million shares valued at 4.50 billion baht. Aside from the news about Iraq, the market moved lower on news that Moody's Investors Service downgraded Thailand's short-term debt rating, analysts said. The select SET 50 index slipped 1.78 to 80.93. The SET index fell to its intraday low of 1037.78 as soon as the afternoon session opened. Dealers said it was a gut reaction to the U.S. strikes against Baghdad. But bargain-hunting helped ease losses as the session wore on. Dealers, however, warn that trading will remain unsettled until the Iraq situation and the impact on oil prices becomes clearer. Blue-chip banks suffered the most as a result of the Moody's decision, led by Bangkok Bank, which fell 4 baht to 212 baht, with Thai Farmers Bank losing 4 baht to 169 baht.
