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2 May 2009

Recovery seen for Thai bourse

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Thailand’s stock market has already bottomed out and is likely to turn around if the political tension eases, Thai News Agency reported, quoting the top official at the Stock Exchange of Thailand (SET).

SET chairman Pakorn Malakul Na Ayuthaya said he had monitored the situation and believed stock prices had already bottomed out.

Thai economy had already hit bottom in the first quarter of this year, he said the economy will continue to shrink from that quarter until the third quarter before turning positive in the last quarter of this year, he said.

In the past month, foreign investors had returned to accumulate stocks with a net value of 70 billion billion, he said, adding that should political tensions ease, investment in the Thai bourse would pick up.

Sombat Naravuthichai, secretary-general of the Securities Analysts Association, said the SET composite index had climbed up close to the target level of 495 points set earlier.

The index is likely to surpass the 500-point level since global stock markets had recovered somewhat in the past two months.

He said the association sees the Thai economy as bottoming out in the second quarter of this year.

The economy will continue contracting until the third quarter before turning positive in the fourth quarter.

He believed the Mexican swine influenza outbreak will affect Thai stock prices in the short run, but will directly impact tourism and consumption since the public fears to travel and spend.





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