From: kamol@ipied.tu.ac.th (Kamol Hengkietisak)
Newsgroups: soc.culture.thai
Subject: Bangkok Post Dec 23: And the stock saga continues
Date: 22 Dec 92 18:23:28 GMT
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THE 10,000-million-baht mutual fund managers refuted Song
Watcharasriroj's claim that the fund is used mainly to support banking
stocks.
 
The meeting between Association Members of the Stock Exchange of
Thailand (AMSET) and the seven funds which run the 10,000-million-baht
mutual fund yesterday reached the following conclusions:
 
o Study various stocks to analyse their fundamentals for the purpose
of investment so as to assure balance in investment portfolio.
 
o The seven funds would invite all 40 brokers to participate in the
funds' activities. About 6-7 brokers may help look after a particular
fund.
 
o The funds' maturity would exceed one year but the exact maturity
date depends on market circumstances and the funds' dissolution should
affect the market as little as possible.
 
The meeting also refuted Sia Song's allegation that the funds favoured
only banking stocks. The purchases were spread into all 21 sectors,
said an executive during the press conference.
 
However, the purchases must take into account the stocks' fundamentals
and reasonable prices. The funds were set up to provide liquidity and
confidence in the market, not necessarily supporting the downfall of
speculative stocks, he said.
 
Before the SEC's action against Sia Song, there were over 40 stocks
whose prices rose more than 100% in a year but after the SEC's action,
only 18 stocks grew over 100% while other stocks moved normally, he
said.
 
Meanwhile, the Stock Exchange of Thailand also held a meeting with
AMSET yesterday. During the meeting SET agreed to closely work with
brokers by appointing Dr Surat Palalikhit, SET's assistant president,
and Kraithat Sirikan, director of brokers' supervision, as
representatives in contacting brokers for information in case of
abnormal price movements of a particular stock.
 
On the brokers' side, the managing director or general manager are
assigned to be contact persons with the SET's representatives.
 
The measure is necessary because in the past when SET sought
information on a particular stock it was often leaked and the price
driven down which might not reflect fhe true nature of that stock,
said a broker.
 
The meeting also discussed the revised regulations in accepting new
brokers. The revised regulations will be forwarded to the Securities
Exchange Commission for appro=aj before promulgation, said a SET
official.
 
Economic Crime Suppression Commander Pol Maj-Gen Watin Kamsongsri
yesterday denied his officers abused their authority when they
confiscated Sia Song's cheques totalling 10 million baht and other
articles from his condominium on Monday.
 
Sia Song called the confiscation of his cheques and other articles "a
criminal act" and said he will publicly reveal "those in the right and
in the wrong" in the entire stock scandal as he cannot stand the way
he is being treated by the SEC and the police anymore.
 
Sia Song and 11 of his associates have been accused of manipulating
the price of Bangkok Bank of Commerce stocks over the past several
months.
 
Pol Maj-Gen Watin said the police, along with Securities Exchange
Commission officials, had correctly carried out their duty when they
opened Sia Song's safe at his Ratchathewee Tower condo and confiscated
cheques totalling 10 million baht, land sale documents, land title
deeds and drafts.
 
However, the Economic Crime Suppression commander sympathised with Sia
Song for having to undergo the search and said the police will be
patient and not argue with him.
 
"I confirm every piece of the confiscated evidence will be returned if
they are not related to the charges. I've told Superintendent Pol Col
Pirapan Premputi to tell Mr Song to file a request for the return of
his properties," Pol Maj-Gen Watin said.
Newsgroups: soc.culture.thai