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THAILAND Stock market expected to improve

January 7, 2008

Stock market expected to improve in 1Q08

The Thai stock market is expected to improve during the first quarter of 2008 as compared to a year ago as investors will gain more confidence in Thai politics and the national economy, senior capital market executives said.

Montri Sornpaisal, CEO of Kim Eng Securities (Thailand), said at a stock investment fair organised by the Stock Exchange of Thailand (SET), that the ongoing issuance of yellow and red cards to winning election candidates found to have cheated in the December 23 general election by the Election Commission could affect the overall investment psychology and depress the capital market.

But investors are anticipated to gain confidence after a new government is formed and the market is expected to improve because the economic fundamentals of the country are still strong, said Mr. Montri.

Meanwhile, Vichet Tantivanich, SET senior vice president, said the new government is expected to inject measures to boost the economy which had been sluggish in the past 15 months. Earnings of listed firms during the period remained positive despite a lack of government assistance.

Net buys by foreign investors on the SET in 2007 (which totaled about Bt54.6 billion) showed that their investment was based on genuine fundamentals, said Mr. Vichet, adding that he believed stock investment during the first quarter this year would improve from the same period of 2007 when market sentiment was poor due to bombing incidents in Bangkok.

Also, market sentiment this year should improve because a new government is being formed while investors hope the national economy will improve, Mr. Vichet added.

Courtesy TNA

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