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.
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