Home Business Thai govt to discuss US$941m stock market support fund on Monday

Thai govt to discuss US$941m stock market support fund on Monday

Thai govt to discuss US$941m stock market support fund on Monday 1

BANGKOK: Thailand’s government on Monday will discuss setting up a fund worth more than 30 billion baht ($ 941 million) to support the stock market, the deputy prime minister said, as global markets plunge on worries about the coronavirus pandemic.

The plan will also be presented to the prime minister on Monday, Deputy Prime Minister Somkid Jatusripitak told reporters on Friday.

He also said he had asked the Securities and Exchange Commission to consider reviewing or lifting rules on short-selling and easing margin requirements to reduce forced selling.

Later on Friday, the Stock Exchange of Thailand (SET) said in a statement that it has temporarily tightened short selling rules, effective from Friday to end-June, to help reduce market volatility.

Short selling will now be allowed only at prices higher than last trading ones, verus no less than last trading prices previously, it said.

“We don’t ban short selling but have tightened rules to reduce market volatility,” said SET President Pakorn Peetathawatchai.

“This is the first measure… and there are other steps related to boosting liquidity for investors, and treasury stocks,” he said.

Thailand’s main stock market plunged 10% in early trade as a global financial market rout deepened. By early afternoon it was up 0.9%.

- Advertisement -

It has tumbled about 29% so far this year. – Reuters

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -