< Will you take INVX shares in payment?????????>
For sure. As many as you like. I've got patientce. I'll turn shares at these prices to profit without doubt.
Better get a cable modem. Then you can beat the rest of us to the punch when buying and selling.
On the bright side, the surf has improved quite a bit the last 2 days.
Regards,
Mark
PS I guess SEG is stil loosing money on their currency hedges.
Friday December 12, 7:12 am Eastern Time
Thai baht in free fall, hit by Asia currency woes
(Updates throughout)
By Vithoon Amorn
BANGKOK, Dec 12 (Reuters) - The Thai baht extended its free fall late on Friday tumbling to its all-time low of 45.60 to the dollar depressed by the battered Korean won and the Indonesian rupiah, dealers said.
Spot baht onshore was quoted at an all-time low of 45.50/45.80 to the dollar late on Friday against a 44.30/44.60 range early and 43.50/43.60 on Thursday afternoon.
''It traded at 45.60 in the late afternoon. Anything can happen to the baht if the (Korean) won and (Indonesian) rupiah are still under attack next week. There's not much Thailand can do to stop it,'' said a money market dealer at a foreign bank.
Dealers said they could not detect any signs of intervention by the Bank of Thailand to defend the baht.
Prime Minister Chuan Leekpai and Finance Minister Tarrin Nimmanahaeminda said the baht's big setback on Friday was influenced solely by offshore factors.
''The heavy impact from South Korea and Indonesia is being felt widely throughout the region. We must accept the fact that this is unavoidable,'' Chuan told reporters.
The rupiah fell to 5,255/5,325 to the dollar late on Friday from an opening of 4,640/4,680.
The won, facing heavy beating for the fifth day this week, recovered after active intervention by the Korean government which sent the currency to close Friday at 1,710 to the dollar against 1,719.8 on Thursday.
Chuan appealed for public calm, saying his government was determined to stabilise the baht through consistent economic policies.
Tarrin pledged he would focus on adopting sound economic measures that would boost market confidence. He said short-term Thai interest rates may have to stay high temporarily to help slow the baht's slide.
He told reporters he regarded the baht's early stability as more vital and urgent than easing heavy financing burdens faced by Thai businesses.
''On interest rates, we will keep them temporarily high to help ease domestic problems. Stability of our exchange rate is more important,'' he said.
Central bank governor Chaiyawat Wibulswadsi said: ''At a time like this, we are hard pressed to resist the trend but we will try to slow down any rapid slide of the baht. We should not be panicked by news reports.''
Dealers said the Bank of Thailand, in a move to slow market flight to dollars, raised its one-day bond repurchase rate to 22.00 percent at the close from 20.75 at opening.
They said the baht would have little chance of escaping the fallout of the regional debacle despite recent signs of improvement in Thailand's economic fundamentals.
''Our economic indicators have started to improve slowly but under the current circumstances, they don't mean anything in terms of helping the baht,'' a currency dealer said.
Thai stocks, languishing near their nine-year lows, remained weak on Friday in the wake of the regional crisis but managed to end the day with only mild losses, brokers said.
The SET Index closed down 3.12 points, or 0.84 percent, to 368.39 on moderate 3.82 billion baht turnover partly boosted by a second consecutive day of big lot transactions, brokers said. |
