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Thai stock market suspends trade for half-hour after plunging 10%

Written by Writer on Saturday, October 11th, 2008

Thai stock market suspends trade for half-hour after plunging 10%

BANGKOK (TNA) — Bangkok’s Stock Exchange of Thailand (SET) suspended trade for about half an hour on Friday afternoon shortly after the start of the afternoon session when the index plunged 10.02 per cent due to the forced selling of shares, global market meltdown and local political turbulence, analysts said.

Opening at 2.30 pm, the SET composite index tumbled 50.08 points to 449.91 at around 2.36 pm, just six minutes after the afternoon session began. Turnover was about Bt10.5 billion.

Analysts said the market plunged due to forced selling of shares to limit losses and potential credit risks imposed by brokerage houses against their customers.

Other significant factors attributed to the sharp drop were investor concerns on global recession and financial crisis, and political turmoil in Thailand, said the analysts. (TNA)

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