The Thai Economy Is In Crisis

[Mid]

Last Update : 16 Aug 2007 10:03:34

Last Change Value

(M.Baht)

SET Index 754.11 -19.81 1,985.86

SET100 Index 1,154.81 -35.28 1,746.25

SET50 Index 531.92 -16.55 1,625.71

mai Index 245.34 -3.44 11.40

set.or.th

Ouch

[LaoPo]

SET down to: 742.11 -31.81 -4.11%

It's a bloodbath on Asian stock markets

Also here:

http://www.thaivisa.com/forum/index.php?sh...32689&st=45

and here:

http://www.bloomberg.com/markets/stocks/wei_region3.html

LaoPo

[soundman]

SET down to: 742.11 -31.81 -4.11%

It's a bloodbath on Asian stock markets

Also here:

http://www.thaivisa.com/forum/index.php?sh...32689&st=45

and here:

http://www.bloomberg.com/markets/stocks/wei_region3.html

LaoPo

Now would be a good time raise the cost of a workpermit to 300K Baht, insist on Thai only management of all companies & to release the revised FBA with the new proposed laws effectively cutting out any semblence of foreign control over their business's located in Thailand.....

Edited August 16, 2007 by soundman

[LaoPo]

SET down to: 742.11 -31.81 -4.11%

It's a bloodbath on Asian stock markets

Also here:

http://www.thaivisa.com/forum/index.php?sh...32689&st=45

and here:

http://www.bloomberg.com/markets/stocks/wei_region3.html

LaoPo

Now would be a good time raise the cost of a workpermit to 300K Baht, insist on Thai only management of all companies & to release the revised FBA with the new proposed laws effectively cutting out any semblence of foreign control over their business's located in Thailand.....

....and dig a deep and very wide canal all around Thailand with tanks every 200 meters or so...close ALL borders and airports.

That'll do the job.

LaoPo

[Sanpatong]

The good part of all that would be that normal Thais would then REALLY want to live elsewhere. Might mean having some decent som tam back home!

[Maxi101]

... not insulated crack only for Thailand, Australia suck it's wounds too.

We are seeing the Set well over 1000 in the end of the year .....

.... chickensh!t.

[ray23]

SET down to: 742.11 -31.81 -4.11%

It's a bloodbath on Asian stock markets

Also here:

http://www.thaivisa.com/forum/index.php?sh...32689&st=45

and here:

http://www.bloomberg.com/markets/stocks/wei_region3.html

LaoPo

Now would be a good time raise the cost of a workpermit to 300K Baht, insist on Thai only management of all companies & to release the revised FBA with the new proposed laws effectively cutting out any semblence of foreign control over their business's located in Thailand.....

Day isn't over give em a minute

[Jai Dee]

SET plunge parallels global market losses

The Stock Exchange of Thailand's composite index continued to plummet in tandem with global markets amid fears that measures issued by the central banks of many major countries are still unable to contain the impacts of the sub-prime lending crisis in the United States.

The index plunged more than 17 points at the opening bell of the morning trading session, pressed by continued heavy selling by foreign investors, and further dropped to break through the support level of 750 points to close at 742.28, down 31.64 points or 4.09 per cent, with a trading value of Bt11.61 billion in the morning session.

There was heavy selling of stocks across the board, led by blue-chip shares in the energy, banking, petrochemical, building materials, and communications sectors

Investors are still worried about a possible domino effect of the sub-prime lending crisis in the US on the stock markets the world over. This could be witnessed by a continued sharp decline in Asian stock markets in the morning trading sessions.

Adisak Kammun, director of Economic and Strategic Analysis for KGI Securities (Thailand), said the Thai stock market continued to plummet in the same direction as global markets.

He said he had previously estimated foreign investors would dump shares in the Thai stock market in an amount of around Bt50 billion.

Foreign investors have sold off Bt33 billion of shares in the past few weeks. Now, he is uncertain when the foreign selling pressure would ease because investors have had an accumulated net buying of Thai stocks in the amount of Bt330 billion during the past three years.

A money dealer of BankThai said the baht had further weakened from around 34.14-34.17 to 34.30 to the US dollar since foreign investors dumped shares in the Thai stock market and brought a certain amount out of the country upon concerns over the sub-prime mortgage crisis in the US.

Source: TNA - 16 August 2007

[ray23]

Talk about selective memory, sure the market is down because of external facotors, but wasn't that why it was up in the first place?

SET: Subprime woes no cause for panic

15:34 SET: Subprime woes no cause for panic

(BangkokPost.com) - Stock Exchange of Thailand president Patreeya Benjapolchai said it is unnecessary to pay undue attention to the SET despite heavy losses of up to 30 points on Thursday morning.

“The losses we experienced today were the result of continued US subprime woes,” she said. “However, there is no need to worry much about effects on Thai bourse despite the dramatic fall because we still have a strong economic base.”

She urged investors not to panic because the drop is attributed to external factors.

Meanwhile SET chairman Vijit Supinit expressed optimism that the economic outlook will improve after the election.

“There should be no great cause for concern since we have a strong economic base, the Thai baht has stabilised and I believe that subprime woes are only a short term effect,” he said.

At 3:31pm, the SET was at 750.25, having shed 23.67 points since the opening bell."

[LaoPo]

15:34 SET: Subprime woes no cause for panic

“There should be no great cause for concern since we have a strong economic base, the Thai baht has stabilised and I believe that subprime woes are only a short term effect,” he said.

How stupid, the markets didn't listen to him....they should phone him [sET chairman Vijit Supinit] first !

Thursday, August 16th, 2007

Thai SET ended at 750.69 -23.23 -3.00%

Jakarta 1,908.64 -120.45 -5.94%

Singapore 3,152.16 -121.09 -3.70%

Kuala Lumpur 1,207.61 -44.21 -3.53%

Australia 5,711.50 -76.50 -1.32%

NZ 3,957.94 -46.52 -1.16%

Taiwan 8,201.37 -391.67 -4.56%

S Korea 3,436.09 -228.61 -6.24%

Shanghai index 4,721.94 -76.81 -1.60%

Hong Kong 20,672.39 -703.33 -3.29%

Tokyo Nikkei 16,148.49 -327.12 -1.99%

Manila 2,942.31 -188.03 -6.01%

Europe

London:FTSE 100 INDEX 5,949.10 -160.20 -2.62%

Paris: CAC 40 INDEX 5,304.16 -138.56 -2.55%

Frankfurt: DAX INDEX 7,266.71 -179.19 -2.41%

Madrid: IBEX 35 INDEX 14,192.10 -328.40 -2.26%

Milan: MIB30 INDEX 38,653.00 -851.00 -2.15%

Amsterdam: EXCHANGES INDX 493.71 -12.33 -2.44%

Stockholm: OMX 30 INDEX 1,150.16 -33.29 -2.81%

Zurich: SWISS MARKET INDEX 8,466.02 -195.57 -2.26%

The above markets are still trading; quotes were from around lunchtime, mainland Europe.

LaoPo

Edited August 16, 2007 by LaoPo

[highdiver]

the SET has gone down back to 3 months. however its still up from January.

FEB MAR APR MAY JUN JULY

677.13 673.71 699.16 737.40 776.79 859.76

as per who isdoing what?

for the past 2 months it was mostly the local that were selling and the forigenrs that were buying

and some of our Gloomy dooms day members were convinced that this is an indication of a crisis as the thais know why they are selling.

todays result gives a little insight.

Individual 10,229.94 6,058.25 4,171.69

Institution 3,284.43 2,235.83 1,048.60

Foreign 2,975.07 8,195.36 -5,220.29

So the thai locals are buying cheap what they sold expensive a month ago.

I guess the Thais knew what they were doing

[VegasVic]

15:34 SET: Subprime woes no cause for panic

“There should be no great cause for concern since we have a strong economic base, the Thai baht has stabilised and I believe that subprime woes are only a short term effect,” he said.

How stupid, the markets didn't listen to him....they should phone him [sET chairman Vijit Supinit] first !

Thursday, August 16th, 2007

Thai SET ended at 750.69 -23.23 -3.00%

Jakarta 1,908.64 -120.45 -5.94%

Singapore 3,152.16 -121.09 -3.70%

Kuala Lumpur 1,207.61 -44.21 -3.53%

Australia 5,711.50 -76.50 -1.32%

NZ 3,957.94 -46.52 -1.16%

Taiwan 8,201.37 -391.67 -4.56%

S Korea 3,436.09 -228.61 -6.24%

Shanghai index 4,721.94 -76.81 -1.60%

Hong Kong 20,672.39 -703.33 -3.29%

Tokyo Nikkei 16,148.49 -327.12 -1.99%

Manila 2,942.31 -188.03 -6.01%

Europe

London:FTSE 100 INDEX 5,949.10 -160.20 -2.62%

Paris: CAC 40 INDEX 5,304.16 -138.56 -2.55%

Frankfurt: DAX INDEX 7,266.71 -179.19 -2.41%

Madrid: IBEX 35 INDEX 14,192.10 -328.40 -2.26%

Milan: MIB30 INDEX 38,653.00 -851.00 -2.15%

Amsterdam: EXCHANGES INDX 493.71 -12.33 -2.44%

Stockholm: OMX 30 INDEX 1,150.16 -33.29 -2.81%

Zurich: SWISS MARKET INDEX 8,466.02 -195.57 -2.26%

The above markets are still trading; quotes were from around lunchtime, mainland Europe.

LaoPo

It appears that the yen carry trade is finally begining to unwind, this is the begining of a potenetial real crisis that I warned about months ago. The good news for Thailand is that the air will now be let out of the baht and they will have the chance to become more competitive as the baht weakens, and because there was so much speculation in New Zealand and Australia with the cheap money from Japan I would look for some extreme volitility in both the markets and currency in those two countries as well. Cash is king once again!

[chinthee]

VegasVic, where do you see the Baht going?

[Mid]

going short mate ??

[VegasVic]

VegasVic, where do you see the Baht going?

Chin, The baht will continue its weakening pattern, where it settles at eventually is anybodys guess. There are far too many variables, like the scope of a yen carry trade crisis and possible worldwide recession, the U.S. consumers resilience, the political situation within Thailand ect. ect. ect.. If I was forced to make a wager I would bet that at some time in 2008 you will see the baht back at 40 vs. the U.S. dollar.

[j_cheung]

Well, as I said a while back & what Nathan Rothchilds quipped over two centuries ago: ""The best time to buy is when blood is running in the street."

Might have to wait slightly longer before that last drop falls though ...

[Mid]

Open and

GREEN

[Mid]

didn't last long ....................

RED

[samran]

and at 3.55pm

GREEN

[Mid]

note you went for a bigger font , missed the bold button though ..................

[samran]

note you went for a bigger font , missed the bold button though ..................

yeah, I'd make a good North Korean army officer stationed at the DMZ who is responsible for placing the slighly bigger flag on the negotiation table.....

[highdiver]

i think we need to change the title of the thread.

it should be...

USA, Europe, Japan, are in deep crisis. thailand however is not.

[VegasVic]

i think we need to change the title of the thread.

it should be...

USA, Europe, Japan, are in deep crisis. thailand however is not.

Without the hedge funds creating this liquidity crisis the baht might still be strenghtening which would indeed lead Thailands economy into a deepening crisis. Now that the baht is weakening and will likely to continue to weaken, the Thai economy may have averted this crisis, at least for now. There will still be a good deal of volitility going forward, but if the baht can make a rapid near term move to the 36-38/dollar range then Thailands economy will likely improve (especially the export sector). It will be interesting to see what tourist spending looks like this winter, this will be a foreshadowing of what is in store for the Thai economy. The political situation and the muslim problem is still on the minds of foriegn tourists and investors, so even if the baht was get back to 36-38/dollar or so, there is no guarantee that the Thai economy will improve until these situations are resolved.

[Mid]

Choose without fears for the economy, Kosit urges

Published on August 19, 2007

Deputy Prime Minister and Industry Minister Kosit Panpiemras yesterday urged the public to vote on the charter today with a free conscience, as the referendum outcome would not derail the economy from its 4-per-cent growth path.

snip

nationmultimedia.com

interesting , wasn't the manta about things improving post referendum ???

apologies for the double post , relevant to both IMHO

Edited August 18, 2007 by Mid

[VegasVic]

Choose without fears for the economy, Kosit urges

Published on August 19, 2007

Deputy Prime Minister and Industry Minister Kosit Panpiemras yesterday urged the public to vote on the charter today with a free conscience, as the referendum outcome would not derail the economy from its 4-per-cent growth path.

snip

nationmultimedia.com

interesting , wasn't the manta about things improving post referendum ???

apologies for the double post , relevant to both IMHO

You are corect Mid, for a small country like Thailand that is trying to grow its economy and international footprint, a growth factor of 4% annually is extremely anemic. As I stated about two months ago, my gut tells me that the likelyhood of elections this year is not very good despite what the ruling hunta spokesperson says. The saving grace for Thailand as I mentioned in my previous post will be rapidly weakening currency, if this does not occur then I doubt that Thailand will even be able to reach the 4% growth target mentioned in the article that you referenced.

[Mid]

I'm on record well back in this thread @ 3.8 ,

nothing has arisen to alter that ..................................

[Mid]

opps ....................

Kosit: Economy depends on referendum

Economy will sustain growth of 4 and 5 per cent in 2007 and 2008 respectively if the draft constitution is approved during the national referendum on Sunday, paving the way for a general election, Kosit Panpiemras, deputy prime minister and industry minister said Saturday.

snip

The Post Publishing Public Co

someone didn't get the memo ....................

[highdiver]

Hedge funds will not be stopped until they destroy the world economy as the bubble they inflated bursts.

more rubbish

well.... 4 months later.......

[Carmine6]

Hedge funds will not be stopped until they destroy the world economy as the bubble they inflated bursts.

more rubbish

well.... 4 months later.......

Still waiting for the destruction of the world economy.

[Mid]

meanwhile .......................

BoT says Thai exports will decrease in last half of 2007

Sunday 19 August 2007 03:58:34 PM (GMT+7:00)

BANGKOK, Aug 19 (TNA) - Thailand's exports during the second half of 2007 have been projected to retreat from the first half due to the sluggish economies of the country's trading partners, according to a senior official of the Bank of Thailand (BoT) speaking on Sunday.

Suchada Kirakul, assistant governor of BoT's Monetary Policy Group, said that a central bank report on inflation in July projected Thailand's exports during the second half of this year would be lower than during the first half and that this was in line with the general economies of the country's trading partners.

snip

MCOT Public Company Limited

well that's the engine of the economy according to the pundits , now what ????