trades of 71 stocks actively traded on the SET from March 2000 to June 2002. During this time, the market experienced three distinct conditions: bullish, bearish, and neutral. The study concludes that the

of positive feedback trading, buy (sell) trades are more expensive to execute (i.e., incur higher total price impact) than sell (buy) trades on bullish (bearish) markets. • “Price impact asymmetry is

payment otherwise entitled to such person shall be allocated to the persons who are alive in the proportion described in the second paragraph. If the deceased has no person who shall be entitled to the

to the persons who are alive in the proportion described in the second paragraph. 8 If the deceased has no person who shall be entitled to the payment out of the fund as provided in the second

persons in (1), (2), or (3), or had but such person died before the payment is made, the portion of the payment otherwise entitled to such person shall be allocated to the persons who are alive in the

initiatives abroad, as well as a bullish interest rate trend. As a result, business income and costs were adversely affected. Under these circumstances, KBank put in place more stringent customer approval

and its trade partners’ retaliatory measures, bullish interest rates, and impacts of digital disruption which may adversely affect income and operating costs of certain businesses. At the same time

, protectionist measures of core economies, bullish interest rates and impacts of digital disruption, may adversely affect income and operating costs of certain businesses. Under these circumstances, KBank put in

FROM THE CHAIRMAN (Suchart Jaovisidha) Chairman SCE_Eng_p.1-16 10/29/04, 1:05 AM4 5 In 2003, the bullish stock market was a good reflection of Thailandûs economic recovery with strong outlook and