What a week this has been, firstly we started off with rumours in regards to Europe somehow banning Thai businesses and citizens. Where on earth could this have come from? Who would have believed this (a lot of people it seems) But what was the impact? The market suddenly dropped by -1% after the midday break, with names such as CBG decreasing 8% that day (and hasn’t bounced back since) and it resulted in the Junta’s favourite marketing man, Somkid, quickly running out from Phatra’s Thai focus investment day to deal with these silly rumours.
Never too far away from the rumour action are Samart and samtel – there were further rumours that management was invited yet again for another “discussion+ or coffee or whatever you want to call with the royal thai police force causing the both stocks to continue their weakness, of course this ended up being not true…can you imagine the bounceback in both names if they were to win a government-related project within the next few months?
Finally (and really finally I’m already bored of talking about it ) it’s been on everyone’s thoughts and minds how stupid CPALL exec’s were for 1) insider trading (funnily enough a lot of my Thai colleagues say they were stupid for getting caught) 2) Saying they don’t know about it and of course 3) K. Korsak has left us with this peach of a quote:
I did not do anything against corporate governance practice. CP All has continued to show prominent growth. Could all those excellent corporate governance listed firms make such high returns to investors as I do?
Source: Bangkok Post
Ok great so as long as you make $, great returns, you can do what you want. – Too big to be guilty?