Thai shares fell below the psychological 1,300 mark yesterday as the sell-off continued on lingering concerns about tumbling oil prices and prospects for the global economy in the wake of China's weak economic data.
The SET index took a wild ride, climbing to the day's peak of 1,316.19 before an intensified selling spree sent the bourse to a loss in the afternoon session.
The main gauge closed 0.7% lower at 1,297.82 in moderate trade worth 34.3 billion baht.
Energy, petrochemical and banking stocks were at the centre of the sell-off.
PTT fell by nine baht to 232 baht (its lowest close since March 2010), Kasikornbank (KBANK) three baht to 157.50, Siam Cement (SCC) six baht to 432 baht, PTT Exploration and Production (PTTEP) 2.75 baht to 55 baht, and Krungthai Bank (KTB) 20 satang to 16.10 baht.
Foreign investors continued to ditch Thai shares with net sales of 1.42 billion baht yesterday, bringing year-to-date net sales to 124.94 billion baht.
Other Asian stock markets also struggled, though the Philippine index and Shanghai Composite bucked the trend to edge up 0.14% and 0.09%, respectively.
Market sentiment remains poor with wild swings the norm as investors show a lack of confidence amid global uncertainty, said an analyst at a local brokerage.
"When the market fell below 1,300 points, which is the tough support line, some panic selling emerged in afternoon trading," said the analyst, who asked not to be named.
Thai stocks are facing a spate of pressures from low oil prices and a possible US rate rise, the analyst noted.