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SET likely to surge to 1,754 points, says finance minister

BANGKOK, Jan 14 – The Stock Exchange of Thailand (SET) composite index is believed to continue its rally and is likely to surge to 1,754 points, its highest level before the economic crisis in 1997, according to Finance Minister Korn Chatikavanij.

Speaking in a panel discussion on “How Bullish Thai Stocks Will Be in 2011 If Economy Remains Strong,” Mr Korn said he could not tell when the index would reach the stated point level, but the Thai stock market is one of two bourses in Asia in which the index had not yet climbed to the record high in the pre-1997 Tom Yam Kung crisis period.

Mr Korn downplayed concerns over the stock plunge in the past few days, saying the Thai bourse plummeted more than other markets in the region because it had rallied more strongly in recent times.

“In the past two years, the SET index has managed to surge from 300 to over 1,000 points. So, it is not difficult if the index will climb by 300 points a year because operating results of listed companies remain sound and the overall economy continues growing satisfactorily,” he said.

However, the finance minister said, what is worrisome now is the possible slow growth of the Chinese economy. Should its growth decline to 6 per cent from its 8-9 per cent at present, it would definitely affect the Thai economy and the stock market.

Mr Korn ruled out a possible imposition of the capital inflow controls, saying the baht had already weakened and stayed at more than 30 baht to the US dollar now.

The baht is likely to resume its strength against the dollar because there is no sign of improvement in the greenback movement, but its appreciation remains consistent with other currencies of Thailand’s rivals.

The minister admitted investors in the stock market are more concerned about the oil price hike than Thailand's baht currency volatility.

He said the decision by the Monetary Policy Committee to raise the policy interest rate by 25 basis points clearly signaled that the Bank of Thailand is concerned about rising inflation.

He thought the local interest rate is likely to increase further because it remains low when compared with the current inflation rate. (MCOT online news)

-- TNA 2011-01-14

[Naam]

SET likely to surge to 1,754 points, says finance minister...

Mr Korn said he could not tell when the index would reach the stated point level...

[PoeDogg]

Ummmmm.........did you really have to post it 5 times?

Seems like some pump & dump.

[PoeDogg]

.

Edited January 14, 2011 by PoeDogg

[midas]

SET likely to surge to 1,754 points, says finance minister...

Mr Korn said he could not tell when the index would reach the stated point level...

makes you wonder whether Korn is overseeing the Thai

version of the PPT ?

[Naam]

SET likely to surge to 1,754 points, says finance minister...

Mr Korn said he could not tell when the index would reach the stated point level...

makes you wonder whether Korn is overseeing the Thai version of the PPT ?

i have the funny feeling that a journ@sslist is misquoting Khun Korn and made up his own [misleading] story.

[wordchild]

SET likely to surge to 1,754 points, says finance minister...

Mr Korn said he could not tell when the index would reach the stated point level...

makes you wonder whether Korn is overseeing the Thai version of the PPT ?

i have the funny feeling that a journ@sslist is misquoting Khun Korn and made up his own [misleading] story.

I knew him slightly in his investment banking days, and would agree that its likely he has been miss-quoted (at least in the headline to the piece). Not really his style to make sensationalist comments about markets.

Edited January 14, 2011 by wordchild