11 replies to this topic

[TheYenta]

The Stock Exchange of Thailand (SET) composite index on Thursday lost 38.75 points or 5.30 per cent to stand at 692.72 points. The market value was 53.77 billion baht, with 8.33 billion shares traded.

The SET100 index dived 63.17 points or 5.61 per cent to close at 1,063.70 points, with a total turnover of 47.48 billion baht.

The SET50 index lost 28.88 points or 5.52 per cent to stay at 494.22 points, with a total transaction value of 40.27 billion baht.

The Market for Alternative Investment (mai) index ended the session at 198.96 points, down 8.88 points or 4.27 per cent, with a total trade value of 1.21 billion baht. . .

SET president Patareeya Benjapolchai said the SET was ready to suspend trading if the market slumped more than 10 per cent.

The SET composite index had fallen below 700 points in the morning session because of the rumours spreading in the trading room, Mrs Patareeya said. She said a circuit breaker could be activated if the bourse plunged over 10 per cent so investors would have more time to deal with the changes. . .

The stock market was very sensitive to rumours and information. Investors should consider them logically before making an investment decision.The government had no plans to support share prices, the minister said.

The SET index on Wednesday tumbled 15.20 points, or 2.04 per cent, to close at 731.47 points on concerns over His Majesty the King's health. The Royal Household Bureau said on Wednesday night His Majesty's general health was good but he needed more time to fully recover from a bout of pneumonia. Another bulletin is expected tonight."

http://www.bangkokpost.com/business/econom...s-anxiety-eases

[Hedda]

I suppose it was only a matter of time before the lack of full and transparent information on the nature of the monarch's illness started to take its toll of the financial markets. After all, you can't keep telling people that the monarchy is the glue that holds this country together and then think you can shut up like a clam when the glue comes a bit undone.

We all hope for HM's quick recovery but his advisers had better rethink their 18th Century attitude that the health of the national icon is a private matter. Many investors hate uncertainty more than bad news and the SET may well be reflecting nothing more than the rumor-fed view that this country could become a lot more unstable and undesirable for investment if the monarch is seriously ill. Heaven only knows what the old men surrounding the King think they are accomplishing by shrouding the whole matter in mystery.

[Tony]

The rag they call The Nation had a lead editorial today verging on a state of hysteria, decrying the "rumor mongering" about the royal state of health as "deplorable" in language almost suggesting that some foreign intrigues aganst Thailand were involved and that even discussing the matter of the monarch's health verged on that most infamous offense: lese majeste. Only in Thailand !!!!

[PeterUK]

Heaven only knows what the old men surrounding the King think they are accomplishing by shrouding the whole matter in mystery.

Perhaps this is their solution to the alarming problems of the succession. We might never see the king again and just get daily bulletins that he is 'improving' until such time - perhaps years from now - when the demise of one or two other key players in the drama make it appropriate to announce a sudden deterioration in his condition. This is the land of make-believe, after all.

[Sexpat]

This is one of those "ONLY IN THAILAND" things:

"The Stock Exchange of Thailand index fell 2% on Wednesday and 5.3% on Thursday on concerns about His Majesty's health, but rebounded 3.5% yesterday. Special Branch Police commissioner Theeradech Rodphothong said the branch was trying to identify the source of the rumours that caused the stock market to dive."

http://www.bangkokpost.com/news/local/2576...king-doing-well

[Haloi]

Everyone wants in on the act:

"Prime Minister Abhisit Vejjajiva said Sunday that the Securities Exchange Commission and police were still tracing to the source of rumours that caused the stock market to suffer losses last week. He said the SEC was in charge of conducing the investigation with help from police.He urged traders not to panic with rumours. He said the SEC would have to monitor the situation closely and must come up with explanations in time to prevent a panic."

http://www.nationmultimedia.com/breakingne...-source-or-rumo

[Sexpat]

Add one more voice to the blind man's chorus:

Deputy Prime Minister Suthep Thaugsuban on Monday condemned those who circulated rumours about His Majesty the King's health that led to two-day stock sell-off last week. "I consider that those people who spread the rumours betrayed the country because the rumours damaged the nation and caused panic among the people," he said.

Mr Suthep said he was happier now that Her Royal Highness Princess Chulaborn had confirmed during her visit to Berlin that His Majesty the King is recovering from his illness and his condition is not serious.

Asked about the investigation into the source of the rumours, Mr Suthep said it was proceeding and he had talked about it with Finance Minister Korn Chatikavanij."

http://www.bangkokpost.com/breakingnews/15...reading-rumours

[Taxi driver]

"Army Chief Gen Anupong Paochinda on Monday condemned those who spreaded ill-fated rumours, which caused a stock market plunge, saying it was a highly inappropriate action for Thais. He said the Internal Security Operations Command met recently to discuss the matter. The meeting resolved that the government created public understanding on the issue.

People should listen and believe statements from Bureau of the Royal Household as they were accurate and trustworthy, he said. He also urged the media to disseminate daily reports about His Majesty the King's condition from Bureau of the Royal Household. "This is a sensitive issue. The media should help bring about the right public attitude that people should not believe remours,'' he said."

http://www.nationmultimedia.com/2009/10/19...cs_30114759.php

[Hedda]

This is starting to resemble a group of third graders trying to find out who conspired to leave chewing gum on the playground slide:

"Prime Minister Abhisit Vejjajiva has called on people who know of those who helped circulate fallacious rumours about His Majesty's health that led to the stock market sell-off last week to come forward. He said an inquiry to identify the source of the rumours was underway and people who have information should inform the Securities and Exchange Commission (SEC).The rumourmongers, by their actions, were a threat to the country's security, he said.

His statement came after a group of 40 senators said on Monday that people whose names start with ''Y'' and ''W'' or ''V'' were behind the rumours.The prime minister said the government would not interfere in the SEC's investigation.

Finance Minister Korn Chatikavanij said he has asked the SEC to report on its investigation this week."If the SEC can't find the source of the rumours, then it must explain why," he said. "The SEC will have to make a progress report me this week." An explanation of the source of the rumours was necessary to help restore investors' confidence, even though stocks have rebounded, he added.

Noppadon Pattama, legal adviser of ousted premier Thaksin Shinawatra, challenged senator Somchai Sawaengkarn to produce evidence to substantiate his claim that the rumours were started by people with the initials Y, W or V. Mr Somchai alleged the instigators were big investors in the stock market and have close ties with brothers of a former leader of the country. The rumours led to last week's heavy sell-off. The Stock Exchange of Thailand index fell 7 per cent over the two days."

http://www.bangkokpost.com/news/local/1576...s-rumourmongers

[Kirkland]

The Thais have done their usual best to try and blame the stock market fall and rumors about the king's health on "foreign devils." But there's a long article on the internet link below, pointing out that it was local Thai institutions who were the big sellers of stock on October 15, the day the market tanked, while foreigners bought almost as many shares as they sold. Local institutions outsold foreigners by a margin of 4:1.

The article also points out that most of the selling by Thai institutions, which the Thais blame on baseless rumors of the King's ill health, started long before the first foreign news agency, Bloomberg News, picked up the story. That's a far cry from the absurd and sometimes hysterical claims now being made by Thai officials that some foreign conspiracy or foreign news agencies ignited the panic selling by what has turned out to be mainly Thai institutions. In fact, it looks like it was the people who run the big Thai institutions who lost faith in the "everything's fine" stories being issued locally.

http://bangkokpundit.blogspot.com/

[Bob]

In my view, the only glue holding this country together is the King (well, actually, the Thais' admiration and perceptions of the King) and I would expect all hell to break loose if/when the King should die. Politically, only god knows what will happen but it's my perception that the successor(presuming it's the Crown Prince) will command much less loyalty/admiration from the Thai people and the current Queen would likely have much more influence. Economically, at a minimum, the stock market will likely tank - and I'd guess a minimum 25% drop would occur within the first week.

[B.I.G.]

They won't be happy util they can blame it on those "foreign devils":

"Two foreign brokers - Credit Suisse and UBS - and a prominent Thai investor have come under special scrutiny for large trading transactions made last week on the Stock Exchange of Thailand.

The SET index fell more than 7% over two days on investor concerns about the health of His Majesty the King, who has been in hospital since Sept 19 and is recovering from a lung infection. The index, which closed at 692.72 points on Oct 15, rebounded to reach 731.61 at the close last Monday after doctors issued public statements that His Majesty's health was stable.

The SET has since fallen over the past few days on concerns about the global economic recovery. The index closed yesterday at 708.76 points, down 7.59, in trade worth 19 billion baht. Authorities have vowed to investigate whether there was any concerted effort to spread rumours for financial gain."

http://www.bangkokpost.com/business/econom...et-crash-probed