The Stock Exchange of Thailand (SET) has appointed Asadej Kongsiri as its new president, tasked with steering the bourse through a challenging period characterized by a decline in share prices, a retreat of foreign investors, and corporate scandals. Asadej will assume his new role in September, succeeding Pakorn Peetathawatchai, and brings nearly three decades of financial market experience.
Currently leading the financial advisory services at Deloitte Thailand, Asadej has a robust background in investment banking with previous stints at major institutions like Bank of America Corp and JPMorgan Chase & Co. His appointment comes at a time when the Thai stock market is grappling with one of its steepest declines in 50 years, with the benchmark index shedding over 7% of its value this year, erasing approximately US$180 billion from its peak in 2023.
The downturn has been exacerbated by political uncertainties and sluggish economic growth, prompting a significant selloff by international funds, which have withdrawn more than $2.7 billion from Thai domestic equities this year. This retreat followed heightened scrutiny over financial transparency after an accounting scandal involving a private company last year.
In response to the market turmoil, Prime Minister Srettha Thavisin has called for stricter oversight and measures to combat corporate misconduct and improper trading practices to regain and bolster investor confidence. The SET board is confident that Asadej’s leadership will enhance the market’s appeal to local and foreign investors while navigating the evolving financial landscape.
The SET also announced the election of Prof. Kitipong Urapeepatanapong as the new chairman of the exchange last month, following the resignation of Pichai Chunhavajira, who was appointed finance minister during a recent cabinet reshuffle. (NNT)
