BANGKOK, Sept 27 – Thai shares rebounded at Tuesday’s opening after suffering three days straight of losses and plummeting sharply on Monday.
The Stock Exchange of Thailand (SET) composite index opened 27 points higher, 2.6 per cent, to close at 922.62 points at the end of the morning trading session with heavy buying in large-cap stocks. The trade value was Bt16.24 billion.
The rebound was in tandem with other Asian markets as pledges by European officials to resolve the region’s debt problems once and for all helped soothe market jitters.
Japan’s Nikkei 225 shot up 1.8 per cent to 8,525.33, a day after shedding more than 2 per cent and ending at its lowest level since April 2009. South Korea’s Kospi rallied 3.8 per cent to 1,713.70. Hong Kong’s Hang Seng jumped 2.4 percent to 17,826.25, the Associated Press reported.
An analyst at Ayudhya Securities in Bangkok said Thai shares rebounded after the US and European markets rose on the hope that the International Monetary Fund (IMF) and the European Union (EU) would be able to respond effectively to the debt crisis.
Assessing the fundamentals, the recent losses, including Monday’s selloff, did not represent a significant change as losses incurred in the Thai bourse this year are at 12.4 per cent, still below the 18.1 per cent seen in Tokyo, 24.4 per cent in Singapore, 23.3 per cent in Taiwan and 12.4 per cent in South Korea, the analyst said.