Thai bourse plunges 6.48%

BANGKOK: -- The Stock Exchange of Thailand (SET) composite index dropped sharply 6.48 per cent to a five-year low on Monday as foreign investors continued unloading stocks on persisting worries whether a Wall Street bailout package could stop the global financial crisis, dealers said.

The SET index on Monday closed at 551.80, down 38.25 points or 6.48 per cent. Total turnover was thin at about Bt14.3 billion.

Large-sized market capitalisation stocks like PTT fell Bt22 to Bt204 and PTTEP was down Bt12 to Bt112.

Therdsak Thaveeteerathan, senior vice president of Asia Plus Securities, said investors, especially foreigners, were still worried about effects from US financial crisis.

Also, persisting political turbulence in Thailand was another major factor behind the plunge of the SET.

-- TNA 2008-10-06

The SET has reached a 5 YEAR LOW -since October 2003-

551.80 = Change -38.250 = Change -6.483 %

That's (almost) -40% lower since it's highest point of 906 on October 30, 2007 - 1 year ago.

From:

http://www.thaivisa.com/forum/Thai-Stock-I...08#entry2258308

LaoPo

Doubtless then the Baht will strengthen today! I'm sure I don't understand it at all.

Doubtless then the Baht will strengthen today! I'm sure I don't understand it at all.

me too ! why is that happening ?

Doubtless then the Baht will strengthen today! I'm sure I don't understand it at all.

me too ! why is that happening ?

Apparently the BOT keeps selling Dollars to keep the rate broadly where it is - inflation control I guess. I'm sure they have no idea that I don't want them to do that so perhaps I'll drop them a quick note and explain!

Markets will go where the deleveraging takes them. It is futile to try to understand that, but if one only LOOKS at what is happening, one could broadly say that "everything that's been done is being undone".

Markets will go where the deleveraging takes them. It is futile to try to understand that, but if one only LOOKS at what is happening, one could broadly say that "everything that's been done is being undone".

...adding that Thailand, along with other Asian countries is in a better financial shape, factually, then most Western economies, suffering from the crisis. This, because most Asian banks didn't buy the lousy Wall Street products which is NOW hurting the American- and European Banks/Financials and Mortgage industry.

The emotional sentiment, along which HARD needed cash (withdrawn, also from stocks invested on the SET) draws the SET down, as on most stock markets.

What I see as even more dangerous, than the present financial crisis, is the overlap to the normal economy....both in the West and in Asia.

It will hurt ALL countries but Thailand also in particular because it is, for quite a large percentage, depending on tourism.

Tourist bookings in Europe are already heading down...

LaoPo

Markets will go where the deleveraging takes them. It is futile to try to understand that, but if one only LOOKS at what is happening, one could broadly say that "everything that's been done is being undone".

...adding that Thailand, along with other Asian countries is in a better financial shape, factually, then most Western economies, suffering from the crisis. This, because most Asian banks didn't buy the lousy Wall Street products which is NOW hurting the American- and European Banks/Financials and Mortgage industry.

The emotional sentiment, along which HARD needed cash (withdrawn, also from stocks invested on the SET) draws the SET down, as on most stock markets.

What I see as even more dangerous, than the present financial crisis, is the overlap to the normal economy....both in the West and in Asia.

It will hurt ALL countries but Thailand also in particular because it is, for quite a large percentage, depending on tourism.

Tourist bookings in Europe are already heading down...

LaoPo

Indeed tourism is a factor but not a huge one. I read a piece the other day that spoke of the economy in Buriram being so much better than many other places in rural Thailand because of the large numbers of farangs married to local girls who import foreign cash to finance their living expenses. It made me think of the impact nationwide caused by reduced exchange rates and slowing cash flow to farang expats, it's not insignificant on a countrywide basis. The article went on to advise rural girls to ensure they make thorough background checks on their would be farang husbands but that's another discussion.

Doubtless then the Baht will strengthen today! I'm sure I don't understand it at all.

me too ! why is that happening ?

Nope, it weakened today.

Nope, it weakened today.

Against the US$, yes, but not against the Euro. It is I think an outdated concept to consider a currency to be weakening if just one US$ buys more of it. I am aware though that outdated or not, the US$ is still regarded to be the universal yardstick against which other currencies are measured.

Nope, it weakened today.

Against the US$, yes, but not against the Euro. It is I think an outdated concept to consider a currency to be weakening if just one US$ buys more of it. I am aware though that outdated or not, the US$ is still regarded to be the universal yardstick against which other currencies are measured.

3 months chart Euro versus Thai Baht

3 months chart US Dollar versus Thai Baht

http://newsvote.bbc.co.uk/2/shared/fds/hi/...three_month.stm BBC Market Data

LaoPo

Markets will go where the deleveraging takes them. It is futile to try to understand that, but if one only LOOKS at what is happening, one could broadly say that "everything that's been done is being undone".

...adding that Thailand, along with other Asian countries is in a better financial shape, factually, then most Western economies, suffering from the crisis. This, because most Asian banks didn't buy the lousy Wall Street products which is NOW hurting the American- and European Banks/Financials and Mortgage industry.

The emotional sentiment, along which HARD needed cash (withdrawn, also from stocks invested on the SET) draws the SET down, as on most stock markets.

What I see as even more dangerous, than the present financial crisis, is the overlap to the normal economy....both in the West and in Asia.

It will hurt ALL countries but Thailand also in particular because it is, for quite a large percentage, depending on tourism.

Tourist bookings in Europe are already heading down...

LaoPo

At the moment the economic crisis is keeping the worsening Thai political crisis and the resultant violence off the news but if it gets any worse expect LOS to get a double whammy.

Markets will go where the deleveraging takes them. It is futile to try to understand that, but if one only LOOKS at what is happening, one could broadly say that "everything that's been done is being undone".

Elegantly simple explanation

Markets will go where the deleveraging takes them. It is futile to try to understand that, but if one only LOOKS at what is happening, one could broadly say that "everything that's been done is being undone".

Elegantly simple explanation...

and true!