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Head Lines Thai bourse eyes joint listing with CSE International Stock Exchange Link
Thai
bourse eyes joint listing with CSE
The Daily Star,
Staff Correspondent, Ctg "But it is not possible just now as both the bourses have some differences in their operations and practices. For instance, all the companies listed with SET are required to be registered in Thailand," chief of the Thai bourse told The Daily Star in an exclusive interview yesterday. "However, cross-border trading and joint listing must take place in the course of time," said an optimistic Na-Ranong, who is leading a three-member team of the stock exchange to Bangladesh to explore ways for enhancing cooperation with CSE in line with a memorandum of understanding (MoU) signed in 2002. The two bourses signed the MoU on December 13, 2002 in the Thai city of Chiang Mai during the visit of Prime Minister Khaleda Zia at a function attended by prime ministers of the two countries. Purpose of the deal was to develop capital markets of both the countries by utilising all possible means under the umbrella of a long-term friendly relation between Bangladesh and Thailand. SET president said the visit of SET delegation is the first step for working towards the goal of MoU to foster the ties between the two bourses. "We had meeting with CSE leaders and high officials to identify areas of closer co-operation and to exchange information, knowledge, experiences and technologies," he said. "To start with we have agreed to exchange executives to work closely," said the SET president. "Two of our officials -- Sarin Kliewpaisal and Suraphon Buphakosum -- arrived here earlier and closely observed the operation and activities of CSE," he added. CSE has good potential to become one of the fastest growing bourses in this region. CSE has a good number of quality listed companies. He, however, said some of the companies need to improve their practices. He said Stock Exchange of Thailand overcame the 1995 and 1997 capital market debacle and the economic recession and so did Bangladeshi stock exchanges in 1996. So, the two bourses can help each other on the experiences of crisis management, he said. CSE has 196 listed companies as against 430 of SET. However, 113 of CSE listed companies offer around 10 percent dividend while 430 companies listed with SET on average offer three percent dividend. The SET with $100 billion capital contributes around 80 percent to the Thai GDP while CSE with a capital of $ 2 billion contributes some 4 percent to the GDP of Bangladesh. On the contribution to the GDP, the SET president said the Thai bourse is much older and larger than CSE, but it does not mean that the SET is more advanced in all areas. Both the bourses have many things to share with each other, he added. The Daily Star, August 7-12, 2004 Local FX Market Money Market: Call money rate was in a downtrend throughout the week. The rate was 5.00-5.50 percent in the beginning of the week, then fell to 3.75-4.25 percent before closing the week at 3.5-4.00 percent. International FX
Market Dollar rallied against major currencies after Federal Reserve increased their target funds rate to 1.5 percent in their August 10 FOMC meeting. Federal Reserve gave an upbeat assessment of the US economy despite the slowdown caused by higher energy cost. Market is eagerly waiting for more US data to see whether the economy is poised to resume a stronger pace of expansion after July soft jobs and output data. Later in the week, yen edged higher against US dollar supported by the expected inflow of around USD 3-4 worth of coupon payments from Japanese investors. Yen also got a boost from news that IMF is expecting Japanese GDP growth at 4.5 percent revising from their previous forecast of 3.4 percent. However, yen's gain in the medium term will be capped by the rising oil prices, which is a negative for Japan which imports all of its oil. The market is now looking at US weekly jobless claim and July retail sales data to ascertain dollar's direction against other major currencies. Retail sales data is forecast to show a 1.1 percent increase compared to June, attributed mostly to higher auto sales. Market is also waiting for the initial 2nd quarter GDP estimates for Germany and France, the euro-zone's two largest economies. -- Standard Chartered Bank Dhaka Stock Exchange Link International Stock Exchange Link |
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Stock
Exchange of Thailand (SET) has set its sight on cross-border trading and
joint listing with Chittagong Stock Exchange (CSE), SET President Kittirat
Na-Ranong said.