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NEWS UPDATES Asean Affairs        17  June  2011

Domestic and international events affect Thai bourse

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Foreign investors are continuing to sell Thai stocks because of uncertainty in the global economy as well as Thai politics.

The Stock Exchange of Thailand Index yesterday continued its decline, shedding 1.04 percent to close at 1,019.55 points in slim trading turnover of 19.74 billion baht.

SET president Charamporn Jotikathira said the key negative factors affecting the Thai bourse were the slow pace of the global recovery, along with the European debt crisis, which has pulled down stock markets worldwide in recent weeks.

Foreign brokers are currently underweight on Thai stocks because they are worried about unpredictable political conditions after the July 3 election.

The SET index rebounded briefly earlier this week, mainly as a result of the steep correction the previous week.

"Thai shares are a lot cheaper than a month before, which could attract investors to return to the market," said Mr Charamporn.

"After the election on July 3, when the dust clears, the new government will clarify its economic policy.

"I believe that funds will return to the Thai market as our economy remains strong and earnings of listed firms will continue to grow this year."

Somchai Anaketaweepol, research manager of Finansia Syrus Securities, agreed investors were worried about European debt and the US economic recovery, and were shifting asset allocations from stocks to lower-risk assets and commodities.

"Foreign investors will overlook the Thai market until the election is over," he said.

SET executives last week visited Turkey to study the stock market operation there. The Turkish bourse has a market capitalisation similar to that of Thailand but its daily trading turnover is twice as high.

Mr. Charamporn said he was impressed by Turkey's trading system and cooperation among commercial banks in a trading transactions network.

"We are interested in how it works and how it can create massive trading value per day," he said.






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It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

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