The market closed barely recovered from a big fall of 2.94 per cent, or 17.70 points, to a 5-year low record of 583.59 in the morning session.

“Most institutional investors are trading more cautiously, while many individual investors opt to hold cash or invest in commodities and gold,” traders said.

Thai finance minister Suchart Thadathamrongvej has called an emergency meeting following shares plunged in the morning session.

Thai central bank said it will inject cash into the financial market if it hit badly by the global mortgage crisis.

The day’s most notable deals involve PTT (216.00 -6%); PTTEP (123.00 -5.4%); BBL (39.00 -3.9%); KBAN (59.50 -4.03%) and SCB (67.00 -2.19%).

Gainers far outnumbered decliners 333 to 49 with 61 remained unchanged amid heavy trade of 18,175.87 million baht.

The market has recovered from 600 level on Thursday and briefly hitting peak of 628.64 before ended up 24.45 points higher.

The day’s most noticeable deals involved PTT (228.00 +14.00); PTTEP (136.00 +10.00); KBANK (66.00 +5.00); BANPU (327.00 +28.00); BBL (106.00 +6.00).

The Set index went up 27.52 points or 4.1 per cent to 703.87 amid heavy trade of 27.148 billion baht.

Gainers far outnumber losers of 314 to 74 and 102 closed unchanged.

The day’s noticeable deals involved PTT (264.00 +24.00); PTTEP (156.00 +11.00); THAIOIL (54.00 +4.00); KBANK (74.50 +3.00); and BANPU (382.00 +10.00).

The SET went down in line with the region declined, weighted by the Dow Jones index, and profit-taking activities, analysts said.

Support is seen at 680 points with resistance of 700 as it resumed trade in the afternoon session, broker said.

They said index was fluctuated in narrow gap and peaked at 684.90 while bottomed at 678.35.

“It is a technical fall following the global markets after days in rebound that prompted profit-taking activities. There are no new positive factors to encourage the market as well,” a broker at Kasikon Thai Securities said.

The session’s noticeable deals involved PTT (258.00 -8.00); TOP (47.75 -0.75); PTTEP (143.00 -2.00); KBANK (66.50 -2.50); and BBL (109.00 -4.00).

The indices were up 6.02 points or 0.83 per cent to 728.52 with turnover of 9.15 billion baht.

“The market had turned moderately increased in the morning after absorbed several negative political news periods,” said traders.

They said investors begin to believe that political direction will be clearer from now on. Higher inflation, however, would continue to undermine the economic growth significantly.

The day’s notable deals involved PTTEP (174.00 -8.00); PTT (290.00 -8.00); EMC (0.27 -0.39); BANPU (472.00 -8.00); and ADVANC (88.50 -1.00).

The blue chip index SET 50 shed 1.65 per cent or 8.71 points to 519.66.

Thailand alternative market MAI dropped 1.25 per cent or 3.11 points to 246.53.

A signal from the Bank of Thailand to raise interest rates to flight inflation prompted more selling across the board, according to analysts.