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SET still safe, but 30 firms to suffer 50% revenue cut

They constitute 1 per cent of the Stock Exchange of Thailand’s market capitalisation.

SET president Charamporn Jotikasthira said yesterday that these companies had suffered severely from the floods and all had halted production.

The exact loss figures are not known yet and will be assessed by the Thai Listed Companies Association.

As a part of the flood-relief measures, the SET has given the companies more time to submit their third-quarter financial statements.

Most affected companies are in the real sector. How fast they can recover depends on each company’s situation.

The SET tested its trading system on Monday and found it fully functioning during in both day and night sessions. The system is capable of trading until 10.30pm.

Back-up system

The bourse’s back-up com-puter system is in a safe place and unlikely to be flooded because

of well-prepared protection. Information-technology officers have been dispatched there to keep a 24-hour watch for more than a week.

The SET’s trading system will not have problems due to the flooding and all securities houses are likely to be prepared for the flood, Charamporn said.

The SET’s main buildings close to Bangkok’s Klong Toei area are also protected by a 1.5-metre-high steel dyke, which could prevent inundation if the Chao Phraya River rises higher than 3.5 metres and overflows. However, this is unlikely, he said.

The floods could reoccur in the future and then the SET would probably review its flood-prevention plan. Currently, there is no sign of a decline in the confidence of foreign investors, who have continued to buy shares in line with regional stock markets. They are little concerned over the flood impact, Charamporn said.

Source: The Nation

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