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

network in the region contributes to the sales and transfer of completed projects. Projects under development are on track. We are excited to make a change in international education through the Verso

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