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Thai stock index climbs more than 8 pc.

BANGKOK, Oct. 16 Kyodo

Thai stock prices soared Friday, responding to lower U.S. interest rates and optimism that a Japanese aid package to Thailand will help the Thai economy.

The Stock Exchange of Thailand index closed at 319.22, up 24.03 points, or 8.14%, from Thursday.

Dealers said the market reflected the same trend as in other regional markets in responding to news the U.S. Federal Reserve Board cut another 0.25 percentage point off short-term interest rates. Investors also expected many countries in Europe will follow the Fed step, an analyst at Thai Farmer Research Center said.

He added investors are also optimistic about Thailand getting loans from a 30 billion dollar Japanese aid package.

Thai Finance Minister Tarrin Nimmanhaeminda will leave Bangkok for Tokyo on Saturday to discuss the aid.

Tarrin said Thursday he will propose borrowing up to 5 billion dollars when he meets his Japanese counterpart Kiichi Miyazawa in Tokyo next week.

He added Thailand needs money from the package to recapitalize its banking system and supplement government spending as well as guarantee loans for exporters.
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Publication:Asian Economic News
Date:Oct 19, 1998
Words:184
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