Thai prime minister addresses small investors’ crisis of confidence in the stock market

Thailand’s Prime Minister and Finance Minister Srettha Thavisin has spoken about the news of small investors planning to stop trading on November 20 due to a crisis of confidence.

The situation, the Thailand prime minister says, is serious and warrants investigation. The government, he assures, is not taking negative measures against the Thailand Stock Exchange, but is trying to improve multiple aspects of it. The extent of these improvements, however, will depend on investor sentiment.

The 61 year old Thai PM revealed that he had sent Kittirat Na Ranong, an advisor to the prime minister, to discuss with the Securities and Exchange Commission (SEC) on November 13. He remains uncertain if this could have triggered the current situation.

Regarding the issue of short selling, which is believed to be politically influenced in the stock market, the finance minister said the SEC has checked and found no such interference. He questioned what actions are desired and with whom he should converse.

The consultation with the SEC by Kittirat has only improved the situation, but to what degree, he is unsure. The Bangkok-born prime minister invites feedback on what should be done and emphasises that he is open to suggestions.

PM Srettha acknowledged the difficulty of communicating with hundreds of thousands of small investors. Tax is not collected from transaction sales or stock profit. Investment policies and ETF funds have been issued as required. If there are any additional requirements, he encourages stakeholders to voice them.

The Thai prime minister insists that he has no direct involvement with the stock market and has not caused any problems, reported Sanook.

The Thai leader also expressed his frustration with the Department of Special Investigation (DSI), in relation to More and Star stock cases, which are important issues that have reduced trust in the market. Despite the length of time these cases have been ongoing, they still haven’t been resolved, and are stuck with the DSI, and are not just about pork.