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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: NOW who wrote (76016)	12/19/2006 12:54:57 AM
From: mishedlo	Read Replies (2) of 110194

Asian Stocks Fall From Seven-Month High; Thai Shares Plunge By Stuart Kelly Dec. 19 (Bloomberg) -- Asian stocks fell from a seven-month high after Thailand's central bank said overseas investors will have to pay a 10 percent penalty to withdraw funds after less than one year, triggering concern other countries in the region will follow suit to keep their currencies from strengthening. ``On the back of this new restriction by Thailand's central bank global investors have to recognize risk again,'' said Soichiro Monji, who helps oversee about $47 billion globally as senior strategist at Daiwa SB Investments Ltd. in Tokyo. ``Investors might shift from developing markets to other safer markets.'' Oil producers including BHP Billiton and PetroChina Co. slid after crude prices dropped the most in a month. Japan's Topix index declined, led by brokerages such as Okasan Holdings Inc., after the nation's securities watchdog recommended Nikko Cordial Corp. be fined because of false earnings statements. The Morgan Stanley Capital International Asia-Pacific Index slid 0.8 percent to 137.60 as of 1:35 p.m. in Tokyo, ending a five-day, 1.7 percent advance. Thailand's key stock index plunged 10.1 percent, the biggest slide in 16 years, and benchmarks in Malaysia and Singapore were the region's next worst performers. Overseas investors buying baht from today will be able to invest just 70 percent of what they transfer, and only recoup all of their funds if they keep the money in Thailand for more than a year, Bank of Thailand Governor Tarisa Watanagase told reporters yesterday. Those who withdraw the reserved amount in less than a year will be penalized 33 percent of the 30 percent portion on deposit, she said. bloomberg.com

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