Thailand to expand state equity fund to invest in local stocks (updated)

Krung Thai Bank PCL

13/08/2024 06:34

(Adds detail, context)
       BANGKOK, Aug 13 (Reuters) - Thailand's cabinet on
Tuesday agreed to increase the size of an existing government
equity mutual fund to invest in Thai stocks, a deputy finance
minister said, as the government seeks to support Asia's worst
performing bourse this year.
    The fund will be positive for the capital market and provide
an option for savings, Paopoom Rojanasakul told reporters,
without disclosing the increased fund amount.
    Finance Minister Pichai Chunhavajira has previously said the
size of the Vayupak Mutual Fund would be raised by 100 billion
baht ($2.84 billion) to 150 billion baht.
    Pichai and other officials will hold a press conference on
the fund later on Tuesday.
    The Vayupak fund's current top holdings include Thailand's
largest oil and gas firm, PTT  PTT.BK , financial group SCBX
 SCB.BK  and Krung Thai Bank  KTB.BK , fund data showed.
    Thailand's main stock index  .SETI  has fallen 8.4% so far
this year to be the worst performing market in Asia, with
foreign investors selling 120 billion baht ($3.4 billion) worth
of shares during the period. 
    The Thai market slumped 15% last year. 
    ($1 = 35.15 baht)

 (Reporting by Kitiphong Thaichareon and Thanadech
Staproncharnchai; Writing by Orathai Sriring; Editing by John
Mair)
 ((orathai.sriring@tr.com;))