Thai shares recovered some of their value at the end of trading Tuesday, with the bourse down only 0.78 per cent, after plunging nearly 6 per cent on news that US Congress had rejected a 700-billion-dollar bail-out of Wall Street banks.
The Stock Exchange of Thailand (SET) index ended at 596.54, down 4.75 points or 0.78 per cent.
"Investor confidence was restored somewhat when we saw the European market wasn't hit as bad as expected," said Mongkol Puangphaetha, a broker at Adkinson Securities.
"But I'm still more worried about what's going to happen to the European financial system, which has only started to show distress signals," he added
Thai Prime Minister Somchai Wongsawat held an emergency meeting with Finance Ministry and central bank officials Tuesday morning to discuss strategies for coping with the global financial meltdown but no drastic measures were announced. Deputy Prime Minister in charge of financial matters Olarn Chaipravat, who attended the meeting, said there was still no need for special funds to prop up the stock market.
He said the government would soon announce short-term measures to shore up liquidity in the domestic financial system.
Like most Asian countries, Thailand's banking system is considered to be quite strong, and the economy is likely to grow 5 per cent this year.
The financial crisis in the US, however, is expected to have an adverse impact on Thai exports, which are still the engine of growth for the economy.
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