THE Stock Exchange of Thailand has picked an outsider to lead the bourse out of one of its worst periods in five decades amid a share price slump, an exodus by foreign funds and corporate scandals.
Asadej Kongsiri, 53, was chosen to become the exchange’s new president for a four-year term starting in September, according to a bourse statement on Friday (Jun 14).
He is the head of financial advisory services at Deloitte Thailand after working as an investment banker at firms including Bank of America and JPMorgan Chase.
Prime Minister Srettha Thavisin has demanded market authorities tighten oversight and crack down on corporate misconduct and improper stock trading to restore investor confidence.
The equities benchmark in South-east Asia’s second-biggest economy has slid more than 7 per cent this year, putting it among the world’s worst performers, with about US$180 billion of market value erased from a 2023 peak.
“Sentiment in the Thai stock market has been very sluggish with ongoing political noise and a foreign sell-off,” said Niwes Hemvachiravarakorn, an investor and founder of the Thai Value Investor Club.
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“Investors just hope that stock market authorities will improve their communication on any measures or steps to comfort us during one of the worst times in my experience of this market.”
International funds have withdrawn more than US$2.7 billion from the country’s domestic equities so far this year as a foreign sell-off accelerated with rising concern about domestic political uncertainty and sluggish economic growth.
An accounting scandal at Stark Corp last year heightened scrutiny of hidden financial risks in Thailand.
Asadej has a master’s in business from Massachusetts Institute of Technology in the US after completing an engineering undergraduate degree in the UK, according to his Linkedin profile. He also worked at PTT, Thailand’s largest energy company, and Finansa Securities.
Pakorn Peetathawatchai, the stock exchange’s current president, will complete his second term in the middle of September. Asadej will be the bourse’s 14th president. BLOOMBERG
