BSEC aims to arrest market-share slide

       BFIT Securities (BSEC) expects to regain a market share of one percent this year,said a senior executive.
       Rumours that the company would cease operations were not true, he said.BSEC would hold on to its licences.
       "We're doing our best to get back to where we used to stand," said Mr Vorakit.
       BSEC's market share is down to less than 1% from 5% to 6% early this year.
       The March resignation of much of the firm's equity sales (marketing) team had hit revenue, which largely depends on brokerage fees, said Mr Vorakit.
       BSEC now has just 30 marketing staff,down from 200 previously.
       The company recently recruited seven marketing staff and is looking to hire more to hit 1% market share this year.
       The troubled broker faced a scandal in March this year after selling initial public offering shares of Thai Polycons (TPOLY) on the first day of trading. This caused TPOLY's share price to drop,significantly dampening the confidence of investors, and companies planning to list, in BSEC.
       The incident led senior executives to resign, taking scores of marketing staff and major clients with them.
       "BSEC now has 2 billion baht cash in hand that the company will try to use to create the most revenue in the safest way," Mr Vorakit said."The investment plan is being considered by the company's board."
       The firm has tried to cut costs and now focuses on internet trading in preparation for the future liberalisation of the securities industry.
       Shares of BSEC closed yesterday at 1.53 baht, down 3 satang, in trade worth 11.428 million baht.