BOSSES PICK UP STOCKS IN TOUGH TIMES

Back24 September 2008

CEOs and directors of listed companies have gradually picked up their companies' stocks on the cheap after they were battered down by the US financial crisis.

Thai blue-chip stocks have tumbled - especially Siam City Bank to a record low - after Lehman Brother's bankruptcy news broke last week.


According to data reported to the Stock Exchange of Thailand from September 15 to 22, all the top 100 local stocks by market capitalisation have plunged.


The top 10 losers were led by Siam City Bank, shedding 15.33 per cent to Bt13.70 on September 22, followed by Bank of Ayudhya with a 14.14-per-cent drop. Thai Airways International has slipped 12.16 per cent.


During that period, executives of blue-chip companies filed shareholding reports to the Securities and Exchange Commission.


Three directors of Siam Cement - Panas Simasathien, Yos Euarchukiati and Sivavong Changkasiri - reported buying 10,000 shares worth Bt1.39 million, 10,000 shares worth Bt1.48 million and 6,000 shares worth Bt800,000, respectively.


Siam Cement's share price over the past five years from 2004-2008 fell to its lowest at Bt127 last Thursday after peaking at Bt286 in July of last year.


Major Cineplex CEO Vicha Poolvaraluck reported three purchases of the company's stock for a combined 2.39 million shares worth Bt25.94 million.


Srettha Thavisin, president of residential developer Sansiri, reported two purchases for a total of 1.5 million shares worth Bt3.5 million.


Prayad Liewphairatana, president and CEO of TPI Polene, reported buying 460,000 shares worth Bt400,000 over five trades.


Paiboon Damrongchaitham, chairman of GMM Grammy, reported buying the company's shares on five occasions on behalf of the company, for a total of 780,000 million shares worth Bt10.40 million.


Pete Bodharamik, president and CEO of Jasmine International, reported buying a total of 6.4 million shares worth Bt2.3 million in two deals.

 

The Nation
24 September 2008