SET president calms market jitters
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Stock Exchange of Thailand President Charamporn Jotikasthira urged investors to stay calm, despite the steep plunge in the composite index today in light of heavy foreign selling.
Yet, he believed that the selling spree will decline, as the Thai market has been oversold.
Still, he is unsure when foreign investment will return to the Thai bourse, given the slowdown in the Chinese economy.
The Thai exchange plans roadshows in six countries next week - Germany, Denmark, Britain, Scotland, Sweden and the Netherlands.
Charamporn noted that the Thai market tumbled along side with regional bourses, particularly Indonesia and the Philippines (which form the group of TIP countries).
He admitted that this is a result of the exodus of foreign capital back to the US, thanks to economic improvements.
He also added that the exchange is working closely with the Securities and Exchange Commission to monitor the market movement.
"Don't be panic. If your focus is placed on stocks with good fundamentals, the downward movement is a good opportunity," he said.
At 3.30pm, the index plunged to 1,460.56 points, losing 67.99 points. During the day, it fell to as low as 1,447.65 points.
Month to date, foreign investors were net-sellers, with their sells outpacing purchases by Bt22.7 billion. Net-sells so far this year have been raised to Bt43.8 billion.
