The price was adjusted by Bt400 at the opening and Bt50 each at the three subsequent increases.
The Stock Exchange of Thailand also moved downward in tandem with other Asian bourses, on growing investor concern of the global economic health.
As the morning session ended, the SET index dropped 13.03 points or 1.14 per cent to 1,126.58. Yesterday, rating agencies warned the US may be downgraded and an unexpected decline in consumer spending increased concern that growth in the world's largest economy is faltering.
Even though the US's debt deal was passed last night, investors were concerned over the torpid second half as US consumers have zipped up their wallets and the government moved to cut more spending. Consumer spending dropped, while data shows high unemployment rate and the slowest US manufacturing growth in two years.
Upon the agreement to raise the US debt ceiling and reduce government spending, International Monetary Fund Managing Director Christine Lagarde welcomed the move as this will reduce a major uncertainty and bolster US fiscal credibility, hence good for both the US and global economy.
"Raising the debt ceiling means a severe economic disruption has been avoided, and the accompanying deficit reduction deal is an important step toward fiscal consolidation. Given the fragility of recovery, the planned spending cuts are appropriately phased and not overly frontloaded so as not to undermine growth.
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