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6 September 2009

Thai bourse asks investors to use caution

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As stock prices in the Stock Exchange of Thailand (SET) are rising again along with a general improvement of the Thai economy, a senior executive of the Bank of Thailand (BoT) has asked stock investors to be cautious in their investment decisions.

BoT executive Kobsak Pootrakul said he believed that national economic recovery during the second quarter this year may not last long, as the improvement resulted from increased sales of inventory goods, state news agency TNA reported.

Stock prices worldwide, including Thailand’s SET, had risen because of funds injected by the US government in bailing out American financial institutions, but the latter were unable to extend loans to the public and decided to invest the money in financial and capital markets, pushing stock prices upward, Kobsak said.

The increase could be compared to speculation in the oil market where oil prices used to stand at $ 30 per barrel and then jumped to $70, he said.

Although there is positive news on the economy, the negative news is hidden, he explained, advising investors to be cautious. On Friday, the SET composite index rose to 668.41, up 2.87 points from Thursday, on an active turnover of about 30.26 billion baht (1$=33.8 baht).



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