Thai Stocks Plunge In Same Direction With Global Markets

[george]

Thai stocks plunge in same direction with global markets

BANGKOK: -- The Stock Exchange of Thailand’s composite index plunged more than 16 points at the opening bell of the morning trading session following the sharpest drop in one day of the Dow Jones Industrial Index since the 9/11 terrorist attacks and the nosedive of the Shanghai composite index by 9 per cent on Tuesday.

The SET index opened in the morning trading session at 667.46 points, down 16.49, before recouping to a certain level.

The plunge lived up to an expectation that the index would be affected by the hard landing of the Dow Jones Industrial Index of more than 400 points at the close of Tuesday’s trading.

The index turned to drop to almost 20 points following a report that Deputy Prime Minster and Finance Minister Pridiyathorn Devakula resigned from the current government.

But it finally recovered and closed at 668.66, down 15.29 or 2.24 per cent, with a heavy trading value of 11.71 billion baht in the morning trading session.

Vorapak Tanyawong, manager of J.P. Morgan (Thailand) Co, said the SET index nosedive at the opening bell stemmed from the Dow Jones Industrial Index’s plunge by 415.58 points to close at 12,216.48, the sharpest drop in one day since the tragic terrorist attacks on the US on September 11, 2001.

He said Dow Jones index nosedived by 546.02 during the trading session upon concerns over the economic slowdown and the plunge of the Shanghai composite index in China by 9 per cent, the highest in 10 years.

The jitters in both key stock markets had put stock markets in Europe and Asia in disarrays in the morning session.

Lately, Japan’s Nikkei 225 Index dropped by 515.80 or 2.85 per cent, Hong Kong’s Hang Seng Index by 578.09 or 2.87 per cent, Straits Times Index of Singapore by 106.85 or 3.22 per cent, and KLSE Composite Index of Malaysia by 60.43 or 4.88 per cent.

Kongkiat Opaswongkarn, President of the Federation of Thai Capital Market Organisation, said global stock markets had been set to decline since most markets had rallied strongly in the past year.

The plunge in many markets stemmed from a dumping of stocks by investors who waited to take profits.

It is expected indexes of many markets would consolidate in the next few days.

Dr. Kongkiate said it was too early to conclude global stock markets began to be bearish because there are certain positive factors ahead including the downward interest trend.

He said he wanted the Bank of Thailand’s Monetary Policy Committee to give the stock market a big surprise in its decision to adjust the policy interest rate.

Should MPC decide to cut the one-day repurchase rate by 0.50 per cent instead of 0.25 per cent as many expected, he believed, it would help boost investment sentiment in the market.

--TNA 2007-02-28

[george]

Nikkei tumbles after NY, China sell-offs

TOKYO: -- Tokyo's key stock indices were dragged down Wednesday by tumbling world markets, including Wall Street and Shanghai.

The Nikkei 225 Stock Average plunged 515.80 points, or 2.85 per cent, to close at 17,604.12 after heavy selloffs in the US market overnight.

The Topix index of all first-section issues also declined 58.59 points, or 3.23 per cent, to close at 1,752.74.

Selloffs in Tokyo caused the Nikkei to lose more than 700 points in the morning session, the biggest drop since the 2001 terrorist attacks in New York and Washington.

On currency markets at midday (0300 GMT), the dollar was quoted at 118.45-50 yen, down from Tuesday's 5 p.m. quote of 119.93-96 yen.

The euro was quoted at 1.3218-23 dollars, up from Tuesday's 5 p.m. quote of 1.3168-71 dollars, and at 156.58-63 yen, down from 157.95-99 yen.

--DPA 2007-02-28

[merlion]

Nikkei tumbles after NY, China sell-offs

TOKYO: -- Tokyo's key stock indices were dragged down Wednesday by tumbling world markets, including Wall Street and Shanghai.

The Nikkei 225 Stock Average plunged 515.80 points, or 2.85 per cent, to close at 17,604.12 after heavy selloffs in the US market overnight.

The Topix index of all first-section issues also declined 58.59 points, or 3.23 per cent, to close at 1,752.74.

Selloffs in Tokyo caused the Nikkei to lose more than 700 points in the morning session, the biggest drop since the 2001 terrorist attacks in New York and Washington.

On currency markets at midday (0300 GMT), the dollar was quoted at 118.45-50 yen, down from Tuesday's 5 p.m. quote of 119.93-96 yen.

The euro was quoted at 1.3218-23 dollars, up from Tuesday's 5 p.m. quote of 1.3168-71 dollars, and at 156.58-63 yen, down from 157.95-99 yen.

--DPA 2007-02-28

What does this entail, a repeat of the Asian crisis in the making? Any idea when to get in to the stock market?

[lannarebirth]

Nikkei tumbles after NY, China sell-offs

TOKYO: -- Tokyo's key stock indices were dragged down Wednesday by tumbling world markets, including Wall Street and Shanghai.

The Nikkei 225 Stock Average plunged 515.80 points, or 2.85 per cent, to close at 17,604.12 after heavy selloffs in the US market overnight.

The Topix index of all first-section issues also declined 58.59 points, or 3.23 per cent, to close at 1,752.74.

Selloffs in Tokyo caused the Nikkei to lose more than 700 points in the morning session, the biggest drop since the 2001 terrorist attacks in New York and Washington.

On currency markets at midday (0300 GMT), the dollar was quoted at 118.45-50 yen, down from Tuesday's 5 p.m. quote of 119.93-96 yen.

The euro was quoted at 1.3218-23 dollars, up from Tuesday's 5 p.m. quote of 1.3168-71 dollars, and at 156.58-63 yen, down from 157.95-99 yen.

--DPA 2007-02-28

What does this entail, a repeat of the Asian crisis in the making? Any idea when to get in to the stock market?

The best time to get in (for longer term positions) is when people stop asking this question.

[Sing_Sling]

Panic by the pond-scum dwellers of society who have managed to value companies not by their actual value, but rather the perceived value of mergers and acquisitions, therefore creating volatility.

[britmaveric]

Got to love - over speculation.

[zhudi]

Got to love - over speculation.

How quickly people forget what Thaksin inherited in 2001: the Leekpai-government overrun with corruption and scandal, an economy not far from collapse, banks going out of business, construction projects running out of money, legitimate business being turned down for loans. Thailand was in a bad way when Thaksin came to power, just another South East Asian fiscal basket case. How things change. Thailand prospered under Thaksin. hope things work out again

[thedude]

Got to love - over speculation.

How quickly people forget what Thaksin inherited in 2001: the Leekpai-government overrun with corruption and scandal, an economy not far from collapse, banks going out of business, construction projects running out of money, legitimate business being turned down for loans. Thailand was in a bad way when Thaksin came to power, just another South East Asian fiscal basket case. How things change. Thailand prospered under Thaksin. hope things work out again

zhudi, you must be new to TV.

let me be the first to say, i saw thaksin kill 2,500 drug dealers. yes i did i saw him shoot them, he shot them dead. i said, hey thaksin, where you going with that gun in your hand. he said, i'm going out to shoot them drug dealers, i caught them messin around messin around town.

and, you are greviously misinformed, thaksin's success was a result of Chuan's government, which did all the groundwork before him, thaksin merely walked in to reap all the rewards.

Edited March 1, 2007 by thedude

[hammered]

Got to love - over speculation.

How quickly people forget what Thaksin inherited in 2001: the Leekpai-government overrun with corruption and scandal, an economy not far from collapse, banks going out of business, construction projects running out of money, legitimate business being turned down for loans. Thailand was in a bad way when Thaksin came to power, just another South East Asian fiscal basket case. How things change. Thailand prospered under Thaksin. hope things work out again

I dont know if you were around for the 1997 Asian collapse in Thailand, but what you describe was a product of that. By 2001 Thailand was in a lot better position than it was when the Chuan government came to power. If you are a Thaksin fan I would also like to point out that Mr. Thaksin was a deputy primeminister in the Chavalit government that was heavily criticized for the way it performed (or didnt perform) in the 1997 crisis. To just cheerlead Mr. Thaksin based on cherry picked information does not even do the case of Mr. Thaksin any good if you are indeed a fan of his.