The Stock Exchange of Thailand ( SET)'s index nosedived by more than 28 points at the opening bell of trading before recouping its loss and closing lower by only 4. 25 points or 0.6 percent to stay at 698.31 with a heavy trading volume of 28.67 billion baht in the morning session, according to dealers.

The Thai stock market reopened after a one-day close as ordered by the Administrative Reform Council which staged a bloodless coup d'etat on Tuesday night.

The SET index plunged instantly by 28.25 points or 4 percent to stay at 674.31 when the market opened since investors dumped blue- chip stocks such as PTT, Siam City Cement, and Bangkok Bank.

However, the index rebounded quickly and closed the morning trading at 698.31, declining only 4.25 points after the panic- selling had eased.

A newly-listed stock price of Bangkok Metro (BMCL) began trading on the first day at 1.10 baht, lower than its initial public offering price of 1.31 baht.

SET's President Patareeya Benjapolchai said the index fall in the morning trading session was not as sharp as expected. So, it is unnecessary to suspend the trading temporarily under the circuit-breaking system.

She said the latest coup is not as violent as that staged 15 years ago.

Theerachai Phuvanartnaranubala, secretary-general of the Securities and Exchange Commission (SEC), said SEC would jointly monitor the market with SET to see a reaction by local and foreign investors to the coup.

He suggested investors study the political situation clearly before deciding to sell off their shares because the situation began to ease.

Source: Xinhua