BANGKOK, 17 December 2014 – The Minister of Finance has ordered the Securities and Exchange Commission (SEC) to keep its eyes on the activities of suspected stock market manipulators, in light of the steep decline of the SET index on Monday.
Finance Minister Sommai Phasee admitted on Tuesday that there were groups of individuals who attempted to manipulate stock prices on Monday, during which the SET index was seen shedding as many as 138 points, for the purpose of re-acquiring the stocks at cheaper prices. According to Mr. Sommai, the current volatility in the stock market is being caused by external factors, and that stock indices worldwide have been declining because of concerns over the oil price decline.
Prime Minister Prayut Chan-o-cha indicated on Tuesday that Monday’s drop of the stock index resulted from groundless rumors, and relevant agencies were determining whether there had been any orchestrated attempt to spread the said rumors for the purpose of manipulating stock prices. General Prayut said this behavior had been detected in the past, and the public must exercise caution when making investment decisions.
