Greek debt crisis pushes foreign capital to flow into Asia

BANGKOK, May 13 (TNA) – The Greek debt crisis has pressed foreign funds to flow into Asia where the economies of many countries, including that of Thailand, remain strong, according to Stock Exchange of Thailand (SET) Yanyong Thaicharoen, director of SET’s Research Institute for Capital Market, revealed the SET composite index had edged up 1.12 per cent in the first 10 days of May while other stock markets  in the region had edged down.

SET moved in contrast to other regional markets because political tensions in Thailand  appeared to ease during that period.

In addition, local institutional, small, and foreign investors turned to purchase shares following a heavy dumping on concerns over the escalating political conflicts since mid-April.

In April, he said, foreign investors had a net selling of shares at US$127 in the Thai bourse, but became a net buyer of shares in other stock markets in the region.

Korea was the top destination with a net buying of shares at $4.83 billion, followed by Taiwan with $3.81 billion, India with $2.2 billion, the Philippines with $198 million, Indonesia with $169 million, and Vietnam with $144 million.

In the first four months of this year, foreign investors were a net buyer on the Thai stock market at $1.183 billion.