Thai baht strengthens, but stocks lackluster
BANGKOK, April 21 Kyodo
The Thai baht rose against the U.S. dollar Tuesday on expectations of capital inflow, but the stock market was lackluster due to news of poor first quarter performance by listed companies.
The baht strengthened against the dollar to close at 39.05, compared with 39.18 Monday.
A currency dealer said exporters preferred to hold onto the baht amidst heightened expectations this week of foreign capital inflow.
Surges of other regional currencies against the dollar also greatly supported the strength of the baht, the dealer said.
On the stock market, the Stock Exchange of Thailand (SET) index inched up 0.86 point, or 0.20%, to finish at 435.23.
A securities analyst said investors preferred to wait rather than move ahead with investment. The negative factor keeping them away from the market was the poor performance of listed companies in the 1998 first quarter, he said.
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