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Crisis blamed for Thai stock market loss of 1.5 trillion baht


September 5, 2008

Crisis blamed for Thai stock market loss of 1.5 trillion baht
Thailand’s bourse has lost nearly 1.5 trillion baht in trade so far this year, according to figures from the Stock Exchange of Thailand (SET).

Over the past nine months, foreign investors dumped shares worth 107 billion baht, resulting in a 1.46 trillion baht loss of market capitalisation, which now stands at 5.2 trillion baht, compared to Bt6.6 trillion at the end of last year.

Most foreign investors are nervous that the political crisis in Thailand would drag on, and as a result have withheld placing purchase orders, CitiCorp Securities analyst Thongmongkut Thongyai was quoted as telling Thai News Agency (TNA).

TNA quoted Wiwat Techapoonpol, an analyst at Tisco Securities, as saying that foreign investors will continue to dump shares in Thailand as they move money to the US where there's demand for credit to ease the bad mortgage loan crisis.

Bualuang Securities managing director Worawan Tharapoom said most brokers are recommending value investors to collect cheap stocks and hang on to them for the long-term at least until the crisis is over.

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