The stock Exchange of Thailand reached their highest levels since 1996 in the first September session, after the political situation in Asian countries has improved considerably over the past three months. The increase in gross domestic product (GDP) and the financial performance of local companies during the second quarter, meanwhile, improved investor sentiment about the largest economy in Southeast Asia. The Chief of Thailand SET stock index advanced by 0.6 percent to 918.31 points, led by banks and energy companies. It’s time to end the session at the highest level since December 1996 when the Asian financial crisis dealt a severe blow to most securities markets in the region. Of Thailand Baht more expensive in turn by 0.4 percent to 31.17 baht per dollar, which is at its strongest rate since March 2008 onwards. SET was up 27 percent from its lowest point this year, which reached in May during anti-government protests in the country, which killed 89 people. Because of political tensions in Thailand, foreign investors sold shares of local companies for a record 1.9 billion dollars in May. In August, they bought shares for 505 million dollars, one of the most active investors in the country is known investor Mark Mobius.
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Ten U.S. banks that have received assistance with rescue money taxpayers have spent over 16 million dollars for lobbying during the first six months of the year. Money is spent to influence the participants in the debate on financial sector reform in the U.S. The regulatory data show that the ten banks that have received the largest share of state aid in 2008 and 2009 spent a lot to influence the views of members of Congress, representatives of the White House, Treasury, Federal Reserve, and some of the federal agencies involved in designing the new regulatory framework. “I’m not surprised that these banks have spent so much money because I saw every day how it happens,” said Ed Mirtsvinski, director of the US Public Interest Research Group. He said reform of the financial sector have worked over 2000 lobbyists. The new regulatory framework, signed by President Barack Obama in July, with volumes in 2300 pages and outlines new rules for derivative trading, charging and regulation of transactions with debit and credit cards. Many of the new rules laid down by banks as too harsh and cause discontent. The sum of 16.32 million dollars set aside for lobbying during the first half, with 26 percent more than the money allocated to this activity for the same period last year.
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Manufacturing in China increase its growth rate in August, which fell to its lowest level since early 2009 in July. Better than expected data on Chinese industries have shown that Asian country is able to maintain its growth momentum despite the economic climate deteriorated globally in recent months. Index of business activity in the factory sector rose to 51.7 points in August compared to 51.2 points in July. Its value lies within the area of growth over 50 points for the 18th straight month, topped market expectations, as reported by China Federation of Logistics and purchases (CFLP). They were in line with those of HSBC Bank Institute and market Markit Economics, which in turn is calculated index of business activity in the manufacturing sector of China. Its value for August rose to 51.9 points in July after having fallen to 49.4 points. The growth of manufacturing sector in China in August soothe concerns that the gross domestic product will significantly reduce its growth rate in the second half of the year. Oil prices rose, while the regional MSCI Asia Pacific Index advanced by 0.5 per cent in the first September session in Asia. China’s GDP grew by 10.3% yoy in the second quarter, reducing its growth rate to 11.9 percent growth recorded in the first quarter.
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