SET mulls road shows here and abroad
The Stock Exchange of Thailand might go on overseas road shows and put on a Thailand Focus international conference with the aim of attracting foreign investors back after their recent sell-off on the local market.
"Whether the road shows are held will depend on the overall situation and how many listed companies are interested," the SET's newly appointed president Patareeya Benjapolchai told reporters yesterday. "For Thailand Focus, we can go ahead if investors are interested in the event, it is unnecessary to wait for the formation a new government. "It would be a one-time event, where information about both listed companies and the country's economic situation would be presented." Thailand Focus might be held by the end of this year, she said. The SET Index yesterday tumbled 1.83 per cent to 675.63 as a result of further selling by foreign investors, concerned at the latest interest rate hike. Foreign investors have sold Thai shares with a cumulative net position of more than Bt44 billion since May 15. Patareeya said she would meet next week with caretaker Finance Minister Thanong Bidaya to discuss the SET's direction and the government's policy since she has filled former president Kittiratt Na-Ranong's shoes. Commenting on the current steep fall in the stock market, Patareeya rushed to allay the market's jitters by saying that the foreign investors' selling spree can been seen around the world due to mounting concerns over record high oil prices and interest rate hikes. "The overall situation has yet to reach a level of concern because of the solid economy and continuing growth in the earnings of listed companies," she said. According to SET records, listed companies' total net profit in the first three months this year rose 8 per cent year on year to Bt145.28 billion. "The sell-off will be a short-lived phenomenon, while the long-term outlook remains prosperous. "It is an opportunity for long-term investors to pile up sound fundamental stocks at cheap prices. "They will be able to invest in Thai shares through retirement mutual funds and long-term equity funds," said Patareeya. To encourage long-term investment, the stock exchange plans to offer benefits and privileges to related parties that attract major investors to both funds, she said. She did not provide further details. Siriporn Chanjindamanee The Nation
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