|
|
.
|
 |
 Stock Market
|
29 Nov 09 19:29
|
|
|
Dubai: Long term effect on Thai stocks?
|
|
|
|
|
- Golden tropical hardwoods, marble and granite from world-renowned quarries, traditional ceramics and handicrafts silk from Thailand surround you on every side.
Visit Falcon Hill, Hua-Hin
|
|
BANGKOK, Nov 28 (Reuters) - Market concerns has resulted in sell-out of shares amid continued concerns over Dubai's announcement last week that two flagship firms would freeze payments until May 2010.
The confidence in the Middle East as a centre for investment and source of
capital has been shaken.
"This will not go away overnight -" says Thomas Smith, Arab Millennium Invest. "- and it is hard to imagine that other market should not suffer as well."
In Thailand Chakkrit Charoenmetachai, an analyst with far East Securities, stated that "The worsening Dubai debt woes have ruined market sentiment overall and we'll see the SET react to this news".
Chakkrit expected support on the main index at 676, then 666, with resistance at 694.
But on long-term basis others expressed confidence. "I don't think the collateral damage is going to be that great," said Jeffrey Saut, chief investment strategist at Raymond James. "People will dig into this over the weekend, but I think balance sheets have healed enough to withstand a shock like this."
It seems that European banks has most to fear if the crisis is not resolved, as these banks are among the greatest investors. London-based lenders HSBC Holdings and Standard Chartered could face losses of $611 million and $177 million respectively. In comparison, South Korea estimated the country's financial institutions have just $88 million in exposure. In general, Asian banks have limited exposure to Dubai World compared to other world banks.
|
|
|
|
|
User comments
|
|
By: sfm
|
29 Nov 09 20:14 ICT
|
"Asian banks have limited exposure to Dubai World compared to other world banks."
Maybe for a reason. They are close to watch the problems that construction projects are facing here in Thailand.
|
|
By: sfm
|
29 Nov 09 20:14 ICT
|
"Asian banks have limited exposure to Dubai World compared to other world banks."
Maybe for a reason. They are close to watch the problems that construction projects are facing here in Thailand.
|
|
Please log in to post comments
|
|
View latest comments
|
|
 Front Page
 Printer-friendly version
 Mail to friend
|
|
|
|
