Market Surges On Rumors Of Thaksin Resignation

[Jai Dee]

Market surges on rumors of Thaksin resignation

Renewed political rumors caused investor sentiment to improve throughout today’s morning session on the Stock Exchange of Thailand (SET), with the bourse closing for the midday break at 750.14, up slightly more than six points.

Trading surged as the break approached to 1.69 billion shares with analysts expecting few gains in the afternoon. Investors are cautioned, though, to watch political developments closely.

“The market is doing well because there are rumors floating around that the [caretaker] prime minister may make a decision to resign today or tomorrow, but right now it’s just a rumor,” Chaiyaporn Nompitakcharoen, a vice-president of Bualuang Securities, said in a phone interview.

Shortly before the market closed for lunch, Thaksin Shinawatra denied resignation rumors, saying he was unsure where the media heard such reports.

Leading the surge on the SET were the energy and utilities, and banking sectors. Chaiyaporn attributed the sectors’ positive performance to improving investor sentiment.

“These companies are index stocks and follow sentiment and political changes a lot. If an investors thinks the market is going to improve, they typically buy energy or banks,” he said.

Among the top gainers in the morning session was Siam Food Products, with share prices increasing 13.33 percent to 51 baht a piece on limited trading volume. Earlier this week executives announced the company would issue a 2.50 baht per share dividend payment after 2005 net profit more than tripled year-on-year to 93.48 million baht.

Source: ThaiDay - 1 March 2006 15:41

[baht&sold]

Chownah, pls verify

Some good buying opps the past few days for anyone with, oh, say 73 bil to spare tho

Edited March 1, 2006 by baht&sold

[chownah]

Chownah, pls verify

Some good buying opps the past few days for anyone with, oh, say 73 bil to spare tho

Gosh, I hope so!

I'm trying to figure out what the op is really about. Do you think that the rich people in Thailand who control the stock market are actually supporting Toxin with the cheery stock news and the quip about a rumor of him resigning is a sort of a joke and that Toxin's calm and straight faced reply is a wink back at them indicating he gets the joke and thanks for the support?

[johnnyk]

Lots of churning but 6 points on 750 is .008% rise.

[~G~]

Lots of churning but 6 points on 750 is .008% rise.

Try 0.8%.