The Bank of Thailand says it has been implementing policies to curb the baht’s rise, while reporting that some 30 billion baht worth of foreign capital inflow has been invested in Thailand so far. Bank of Thailand or BoT Governor Prasarn Trairatworakul said the central bank has been keeping tabs on the baht’s movement to ensure that it is in line with the market and does not affect the country’s economic performance. He said the currency volatility index for the baht currently stands at 3.4 percent, the second lowest, following 1.2 percent for the Chinese yuan. He added that the BoT has been adopting measures to manage the baht, simplifying that no country would want their currency to be much higher than those of its peers in the region. Prasarn reported that approximately 30 billion U.S. dollars in foreign capital has flowed into the country so far.

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BoT Reaffirms Role to Keep Baht in Check

Real GDP fell 6.3 percent between the third quarter of 2008 and the first quarter of 2009, as global demand slumped, before rebounding 6.9 percent through the end of 2009. The rebound was due to a recovery in global demand, an end to inventory liquidation and a pickup in private consumption as confidence returned.
Government consumption will likely contract due to the phase-out of consumption measures of the first fiscal stimulus package. Investment is expected to recover, as capacity utilization rises and deferred maintenance, machine replacements and limited expansion of existing plants take place. In addition, there are indications that construction investment, long subdued, may be picking up.

Lagging the chart was paper and printing materials, with a -1.3% TSR for 2009, professional services with a meager 4.5% gain, and property funds up 31%.The Shareholder Scorecard, published annually by the Bangkok Post and the AWR Lloyd-PYI group, is an analysis of the two factors that underlie investor returns — dividends and capital gains.
The 2009 market rally reflects the perception that valuations are about long-term potential, and that political crises in Thailand rarely have a dramatic impact on the fundamentals of the economy. If we look at the EV/EBITDA multiples of the oil and gas sector, for example, valuations are still low compared to regional peers : this is partly a reflection of regulatory risks and political instability in Thailand.

In 1972 the Government took a further step in this direction by amending the “Announcement of the Executive Council No. 58 on the Control of Commercial Undertakings Affecting Public Safety and Welfare”. The changes extended Government control and regulation over the operations of finance and securities companies, which until then had operated fairly freely. Following these amendments, in May 1974, long-awaited legislation establishing “The Securities Exchange of Thailand” (SET) was enacted. This was followed by revisions to the Revenue Code at the end of the year, allowing the investment of savings in the capital market. By 1975 the basic legislative framework was in place and on April 30, 1975, “The Securities Exchange of Thailand” officially started trading. On January 1, 1991 its name was formally changed to “The Stock Exchange of Thailand” (SET).