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STOCK EXCHANGE

SET rebounds from intraweek losses

Thai shares on Friday recouped some intraweek losses, with the main Stock Exchange of Thailand Index gaining 24.45 points or 4.07 per cent.



 The Index ended the week at 624.83 points on turnover of Bt18.2 billion, buoyed by the US intervention into American International Group and concerted efforts by six major central banks in easing credit crunch.

 The Index ended 29.51 points or 4.5 per cent below the previous week's closing at 654.34, as investors were worried on the impacts of Lehman Brothers Holding's bankruptcy.

 Meanwhile, PricewaterhouseCoopers LLP reported that four of its partners - 

Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis - were appointed as joint administrators to Lehman Brothers International (Europe).

 Lehman Brothers, the principal UK trading company in the Lehman group, was placed into administration on Friday, together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE Holdings Ltd. These are currently the only UK incorporated companies in administration.

 The joint administrators have been appointed to wind down the business in as orderly a manner as possible.

 Tony Lomas, joint administrator and partner of PricewaterhouseCoopers LLP emphasised: "Because the group managed its funding on a global basis the UK trading operation found itself unable to meet its obligations when the flow of funds dried up last night. Our priority now is to work with management and trading counterparties to agree the manner in which the assets and liabilities will be handled.

 "I would also like to emphasise that a number of group companies remain solvent and will continue to trade. These companies include LBAM (Europe) and a series of special purpose vehicles designed to manage portfolios of residential and commercial real estate assets and non performing loans."


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