Thai shares below 1,000pts
The Stock Exchange of Thailand index falls below the 1,000 points psychological point to a 6-month low, as panic-stricken investors fled emerging markets.
At the close, the SET Index was down 39 points or 3.79 per cent to 990.59 points on turnover of Bt32.48 billion.
The Thai and other Asian bourses nosedived today, as investors were disappointed with the absence of a new round of quantitative easing from the US Federal Reserve.
Another bad news was Moody's Investors Service downgraded Bank of America, Citigroup and Wells Fargo, believing that the US government is less capable of bolstering the banks.
At 11.58am, the market lost 25.24 points or 2.45 per cent, to 1,004.35 points.
The Fed was expected to announce the third round of quantitative easing. However, it said after a two-day policy meeting on Wednesday that it would shift US$400 billion in its shorter-term debt portfolio holdings to longer-term bonds, a move it said would lower rates for mortgage holders and businesses. The plan - nicknamed Operation Twist - would also entice banks to put some of their idle reserves to work. However, in announcing the new plan, the Fed warned of "significant downside risks to the economic outlook", with the economy struggling with slow growth, high unemployment and a depressed housing market.
Asian stock markets tumbled today. Hong Kong slumped 4.08 percent by the break, Tokyo fell 2.17 percent, Sydney lost 2.64 percent, Seoul slumped 3.46 percent and Taipei dived 3.09 percent.
Ongoing troubles in the eurozone and US economy has boosted the greenback
at the expense of Asian currency units. The Thai baht further weakens to 30.66-68 per US dollar today.
