Kim Eng Securities (Thailand) Pcl led brokerages lower on concern earnings will be hurt by a decline in trading on the Thailand stock exchange, which pushed turnover to a three-month low.
Kim Eng, Thailand's No. 1 stock trader, dropped 0.30 baht, or 1.3 percent, to close at 22.80 in Bangkok. Phatra Securities Pcl, the second-biggest, slipped 0.75 baht, or 1.8 percent, to 41.25. KGI Securities (Thailand) Pcl, the fourth-largest, lost 0.02 baht, or 0.7 percent, to 2.80.
About 10 billion baht ($289 million) in shares changed hands on the Stock Exchange of Thailand, the least since May 15. Trading in the past three months averaged 23 billion baht a day.
The SET Finance/Securities Index, which tracks the performance of brokerages, dropped 1.7 percent and was the second-biggest decliner on the broader SET Index.
The 466-member SET Index fell today for the first time in three days after the chief executive officer of the biggest U.S. mortgage lender said the world's largest economy may be headed for a recession.
The housing slump in the U.S. may hurt consumer spending and lead to an economic contraction, Countrywide Financial Corp. CEO Angelo Mozilo said yesterday on the CNBC television network.
``There's no news to drive the market,'' said Patchara Tantivit, an analyst at Adkinson Securities Pcl in Bangkok. ``At this point, trading is slow.'' She has a ``sell'' rating on Kim Eng's shares.
To contact the reporter on this story: Dominic G. Diongson in Bangkok at email@example.com.