Cabinet affirms no market intervention necessary yet

Written by Writer on Tuesday, October 28th, 2008

Cabinet affirms no market intervention necessary yet

The Cabinet asserts that financial market intervention is not necessary for the time being since the market has been moving in line with the global market’s mechanism, while urging the SET to closely follow the global financial situations.

Mrs. Pattareeya Benjapalachai (นางภัทรียา เบญจพลชัย), the President of the Stock Exchange of Thailand (SET), stated that Thai stock index had dropped rapidly more than 10.5 points within 30 minutes of the market’s temporary opening yesterday. However, such phenomenon did not raise any concerns among the Cabinet’s members since they believed that it was merely a market movement that acted in line with the global market trends. Therefore, no market intervention is required for the time being.

However, the Cabinet added that they would provide more information regarding the investment in Thailand to investors while affirming that their confidence will be quickly restored back into the market through the 3rd quarter budget announcement on November, 15th.

Furthermore, Mrs. Pattareeya confirmed that the SET will not be opened for stock trading in order to sustain the market’s liquidity. Also, following the increase in the SET index by 7 points this morning, Mrs. Pattareeya then expresses her confidence toward the strength of Thai economy and that it is not necessary yet for government intervention at this point.

NNT : National News Bureau of Thailand
Tuesday October 28, 2008