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  1. #1
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    Thailand : SET to host meeting to shore up Thai stocks

    SET to host meeting to shore up Thai stocks
    10 October 2008

    The Stock Exchange of Thailand (SET) will host a meeting with three other stock market related organizations to mobilize proposals to shore up Thai stocks which has been severely affected by meltdown in Western financial markets and uncertainty in local politics, while Dow Jones took another 679 points slump this morning (October 10 Thai time).

    An SET’s executive said that the SET will host an urgent meeting today (October 10) with Association of Securities Companies, Association of Assets Management Companies, and stock analysts following Thai stock exchange being severely affected by crises at home and abroad.

    The move was in line with other global stock exchanges which have implemented measures sustaining their stocks, including barring their respective investors and fund managers from doing short selling in stocks, such as New York and London stock exchanges, temporary suspending trading in the stock markets as a circuit breaker when the stocks nosedived, such as Jarkata stock exchange.

    The SET’s latest move occurred despite the SET index on Thursday took a technical rebound, gaining 7.65 points, marginally up 1.55%, to close at 499.99 points, with total trading value at about 20 billion baht, in line with other Asian stock exchanges following Western central bankers decided to trim their policy interest rates.

    Meanwhile, Dow Jones Industrial Average plunged during the final hour of trading this morning (October 10 Thai time) and ended down 679 points.

    The blue-chip measure has fallen 39% from the all-time high hit one year ago today.

    Selling intensified late in the day after Standard & Poor's said that it had placed GM's credit ratings on watch negative.

    thainews.prd.go.th



    10 Oct 2008


    Status : Open(I)





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  2. #2
    Mid
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    4 billion baht fund to shore up Thai stocks
    13 October 2008

    Authorities plans to inject four billion baht into an existing fund shoring up Thai stocks, according to a Ministry of Finance’s official.

    He said today (October 13) that the authorities would inject four billion baht into Thai Opportunity Fund to help shoring up Thai stocks after the Thai stocks have been severely affected by uncertainty in local politics and prevailing financial crises in the Western world.

    The fund, he added, was aimed at building up positive pschycological

    Foreign investors, the major players in the Thai stock exchange since its inception 33 years ago, sold out Thai stocks so far this year amounting to some 140 billion baht. Their money was still investing in the Thai bourse amounting to some 120 billion baht.

    Meanwhile, Kasikorn Research Centre reported that on Friday, baht value was the weakest in three weeks, while the Stock Exchange of Thailand (SET) index plummeted on Friday to its lowest level in five years.

    Baht value for onshore market still declined last week compared with US dollar. A number of other factors also affected the baht value last week, including uncertainty of local politics, importers’ buying dollars, and Thai stock exchange’s plummeting as foreign investors being net sellers, were negative factors pressuring baht.

    However, baht regained ground later last week due to investors selling off dollar to take profit following concerted efforts by central banks worldwide to decrease their respective policy interest rates in bids to try to counter prevailing financial crises in the Western world.

    Baht last Friday weakened in line with other regional currencies to close at about 34.36 baht to a dollar in Asia, compared with 34.11 baht registered previous Friday October 3.

    There will be deduction of value added tax (VAT) through banks around the middle of this week. Whereas there is no other factors which may significantly affect Thai financial market this week. However, financiers are likely to still keep eyes on prolonged US financial crisis situation which have sent shockwaves to Europe, especially United Kingdom and Germany. Short term interest rate locally is expected to sustain at about 3.75%

    Baht in local market is expected to move between 34.20-34.60 baht a dollar this week (October 13-17). Factors to monitor include Bank of Thailand’s stepping in to take care stability in local financial market, continued buying in dollars amidst relatively tight interbank rates, as well as G-7 wealthiest nations’ meeting, International Monetary Fund’s meeting, and World Bank’s meeting this week on such issues as prevailing world’s financial and economic crises between October 11 and 13 which is expected to affect dollar. Key US economic figures would also play roles in dollars.

    Regarding Thai stock exchange, the SET index ended last Friday at 451.96 points, down 23.40% from 590.05 points recorded previous Friday. The prime indicator plunged 47.33% from the end of 2007.

    Thai stocks’ total trading value last week was up 43.95% from 58.70 billion baht from the week before to be 84.50 billion baht. Trading value per day increased from 11.74 billion baht to 16.90 billion baht.

    Foreign investors and local funds’ net sell off was worth a combined 7.51 billion baht and 3.25 billion baht respectively. Small investors became net buyers worth 10.75 billion baht.

    The significant sell-off in the local stock exchange last week was in line with foreign bourses as worries on prevailing financial markets in the Western world which may lead to world’s economy recession was still looming.
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    The Thai stocks significantly nosedived about 10% last Friday, prompting the Stock Exchange of Thailand’s using circuit breaker breaking trading in the Thai bourse about 30 minutes last Friday, the second time for the Thai bourse to be adopted by the measure.

    Kasikorn Research Centre and Kasikorn Securities Plc forecast the SET index this week (October 13-17) to continue moving downward due to prolonged world’s financial crisis and sluggish local economy.

    Prevailing uncertainty in local politics, G-7, IMF, and World Bank meetings during October 11-13, trend of the world’s oil markets, regional bourses’ movements, and key US economic indicators are expected to dominate trading sentiment in the Thai bourse this week.

    Kasikorn Securities Plc expected the SET index to move between 370 and 474 points this week, with downward resistance at 420 and 370 points and upwards at 468 and 474 points.

    thainews.prd.go.th

  3. #3
    I am in Jail
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    well it was up this morning, a lot of buyers on some of the stocks, but no sellers

    got a few nice trades going, of course trading today is quite risky, above all when the date is Oct 13

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