Thai stocks plunge 9.61 per cent on closing

Written by Writer on Saturday, October 11th, 2008

Thai stocks plunge 9.61 per cent on closing

BANGKOK (TNA) - The Stock Exchange of Thailand (SET) composite index on Friday plunged 9.61 per cent to close at 451.96 points in line with regional markets on investor concerns over the global financial crisis and Thailand’s persisting political problems, dealers said.

Total turnover was about Bt16.3 billion.

The SET suspended trade for about half-an-hour shortly after the market was reopened for the afternoon session when the index plunged 10.02 per cent following the forced selling of shares, global market meltdown and local political turbulence.

With an objective to calm investor worries following the warning issued by the International Monetary Fund on a world recession, SET president Patareeya Benjapolchai said some of the world bourses fell more than 10 per cent which was almost at the same level as SET.

While the market suspended trading for about 30 minutes, the SET informed investors on the situations in overseas markets in order to allow investors to decide what to do next, she said. After SET resumed trading, the index rebounded slightly afterwards.

Mrs. Patareeya said investors would continue to monitor global situation as well as local politics next week.

There is still no problem on Thailand’s fundamentals and its financial institutions remain strong, she said, adding that investors should think hard before making a decision. (TNA)