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SET likely to reach 1,000 due to continued foreign capital inflow

BANGKOK (TNA) -- The Stock Exchange of Thailand (SET) composite index is likely to reach 1,000 points this year if foreign capital continues flowing into the Thai bourse, according to a top securities executive.

Paiboon Nalintarangkul, chairman of the Federation of Thai Capital Market Organizations, said the recent strong rally of the SET index was boosted by the foreign capital inflow since operating performances of listed companies are sound with an average profit surge of 25 per cent, the highest among stock markets around the world.

He said the index had risen rapidly by more than 200 points within three months, so it is expected the market is almost saturated and could face a profit-taking run at any time.

In the long run, however, Mr Paiboon believed the index would continue to rise because the Thai economy still enjoys a high growth rate, said Mr Paiboon, who is also president of the Securities Analysts Association.

In addition, he said, the Central Administrative Court’s decision to allow most of the suspended investment projects in the Map Ta Phut Industrial Estate to resume operation had restored investor confidence because the investors are able to valuate listed companies appropriately.

As the chairman of FTCMO, he said he would attempt his best to make the federation become more acceptable and reliable like such organisations with the same nature in the economic sector as the Federation of Thai Industries and the Thai Chamber of Commerce.

He said the federation would accelerate the preparation of the Capital Market Master Plan No. 2 (2006-2010), which is delayed one year in its implementation.

Mr Paiboon became chairman of the federation on August 30 and will hold the post for two years or until August 29, 2012. (MCOT online news)

-- TNA 2010-09-07