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Non-Tech : Thai Banking Sector-Has the Recovery Begun?
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To: Lorare who wrote (6)10/29/1998 10:53:00 PM
From: Lorare  Read Replies (1) of 17
 
Now this is a major move!

October 29, 1998

Main Index Soars 4.4%
BANGKOK, Thailand -- Stocks surged Thursday as locals continued to buy banking and finance shares speculatively.

The Stock Exchange of Thailand Index climbed 14.62, or 4.4%, to 345.07. Around 91.1 million shares valued at 12 billion baht changed hands, with advancing shares outnumbering decliners 240 to 51.

Banking and finance shares led gainers as local investors continued to chase the market up for short-term profit.

But traders added that some foreign investors had come back to the market Thursday, buying selectively in some stronger banks. The foreign-board shares of Bangkok Bank rose 4 baht to 51.50 baht, while Thai Farmers Bank foreign shares gained 5 baht to 46.50 baht.

Siam Commercial Bank's shares almost hit the 30% ceiling at which the exchange posts an obligatory trading halt after it asked for central bank recapitalization help.

Its shares jumped 5.50 baht to 24.50 baht after news that it had become the first bank to ask for government help in raising Tier 2 capital.

Under a package to help Thailand's ailing banks to raise fresh capital, the central bank can swap up to 100 billion baht in government bonds for subordinated debentures for Tier 2 capital.

Meanwhile, the energy sector index was up 1.8%, with Exploration & Production rising 8 baht to 364 baht.

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