Thai stocks too expensive: fund managers

[BANGKOK] Two of Thailand's biggest money managers say the surge in stocks that sent the benchmark SET Index into a bull market on Monday has gone too far, too fast.

The nation's Social Security Office (SSO), which invests pension contributions from local workers, is holding cash in anticipation of a market decline, Win Phromphaet, SSO's head of investments, said at a conference in Bangkok on Monday.

Investors are too sanguine about the prospects for economic growth after the army seized control of the government on May 22, according to Prasert Khanobthamchai, chief investment officer at Kasikorn Asset Management Co.