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Post by mangomoney on Oct 10, 2016 10:37:58 GMT 7
SET falls 53.39 to 1,450.95 at opening
Thai stocks opened down 3.55% at the start of trade this morning. The Stock Exchange of Thailand main index opened at 1,450.95 points, down 53.39 points from Friday’s close. The trade value was 6.26 billion baht, with 1.38 billion shares traded. The SET50 index opened at 922.30 points, down 34.93 points, or 3.65%, with a total trade value of 3.65 billion baht. The MAI index went down 27.39 points or 4.89% to stand at 532.94 points, with total transaction value of 278.53 million baht. However, the SET quickly rebounded to stand at 1,467.58, down 36.76 points or 2.44% at 10.08am. more.. www.bangkokpost.com/business/finance/1106876/set-falls-53-39-to-1-450-95-at-opening
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buddahas
Crazy Mango
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Post by buddahas on Oct 10, 2016 10:43:26 GMT 7
It's always a sad day when the stock market goes down.
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Post by Fletchsmile on Oct 10, 2016 11:03:08 GMT 7
The crew of the enterprise don't look very happy about it either.
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siampolee
Detective
Alive alive O
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Post by siampolee on Oct 10, 2016 11:48:13 GMT 7
MacWallet the financial pikey to the rescue.
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curtaintwitcher
Crazy Mango
Majestically enthroned amid the vulgar herd
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Post by curtaintwitcher on Oct 10, 2016 14:19:49 GMT 7
I notice the USD strengthened against THB this morning...I wonder what's going on...
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wildoats
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Post by wildoats on Oct 11, 2016 2:14:18 GMT 7
Thai SET finished at 1457, down 3.15% I emailed the Thai Stockbroker during the day and got a diplomatic reply and a link to this Bloomberg article. Thailand’s baht headed for the longest stretch of losses this year as investors sold the nation’s assets after the royal palace said the king’s condition was unstable.
The benchmark SET Index of shares slumped the most in Asia and the yield on 10-year sovereign bonds climbed to a three-week high after the palace said Sunday doctors are closely monitoring Bhumibol Adulyadej’s condition. The 88-year-old monarch’s health is closely watched as he is revered by many for what they say has been his unifying presence during a seven-decade reign.
“Thai King Bhumibol is in an unstable condition, according to a statement from the royal palace,” said Christopher Wong, a foreign-exchange strategist at Malayan Banking Bhd. in Singapore. “This could weigh on investor sentiment.”
The baht declined 0.4 percent to 35.040 per dollar as of 10:49 a.m. in Bangkok, according to prices compiled by Bloomberg. It reached a two-month low of 35.080 and is headed for a sixth day of losses, the longest stretch since December 2015. The SET Index sank 2.4 percent to 1,468.63 after falling as much as 3.6 percent. Bloomberg
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Post by Fletchsmile on Oct 11, 2016 15:44:01 GMT 7
Yes the Bloomberg link you gave, gives a reasonable summary wildoats. For some reason it just says Bloomberg in green so the link wasn't clear at first, so have posted below for anyone else www.bloomberg.com/news/articles/2016-10-10/thailand-s-baht-retreats-with-bonds-as-king-s-condition-unstableThis morning's Bangkok Post posted a similar picture. Not quite the sam on the online version, but similar to the paper version this morning is below. Down 3.6% SET dives 3.6% intraday Domestic woes weigh on large-cap stocks
Domestic woes weigh on large-cap stocks
Thai shares plunged 3.6% at one point yesterday, their biggest intraday percentage drop since August 2015, on growing anxiety over domestic factors. The SET index, bucking the trend in Asian markets and...
The SET index, bucking the trend in Asian markets and certainly the biggest in the region, went into free fall shortly after the opening bell, sliding 53.47 points to 1,450.87 before closing at 1,457.02 for a 3.2% drop in brisk trade worth 74.14 billion baht.contd. www.bangkokpost.com/business/news/1107437/set-dives-3-6-intraday
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Post by Fletchsmile on Oct 11, 2016 15:58:38 GMT 7
The bits in that article that stuck out for me was having more downside than upside I have to say though I think that 8% understates the downside As for the market trading below fair value, that would only hold in my view if earnings bear out for the year. They are talking about forward P/Es of 14 -15. That's all well and good IF and a big IF earnings bear out. But on historic P/E the SET is still over 21, which is much higher than historic averages
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Post by Fletchsmile on Oct 11, 2016 16:12:03 GMT 7
As for today. Market bounced a bit in the morning, then faded but ended slightly up in the morning session. Afternoon hasn't been good though and things have deteriorated from there SET down another 24 points or 1.6% .... As mentioned I think the downside risks from here are higher than the upside. Yesterday I closed out some of my SET 50 option positions Today, I sold quite a large chunk of Thai equity mutual funds. I've held these since 1999/2000, so they've "paid for themselves" mutliple times over. I've still quite a bit of expsoure to Thai equities for the long term, and I've never been one to centre his strategy around trying to time the Thai stock market, and prefer the idea of "time in the market" However, I wanted to take some risk off the table, so put thru my largest sale of Thai equity mutual funds that I've ever put thru. Given year to date gains, and current events I'd rather just reduce some risk on Thai equities..... Maybe someone heard Fletchsmile was selling which explains this afternoon's deterioration
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buddahas
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Post by buddahas on Oct 11, 2016 16:24:23 GMT 7
How do you trade this market and what are the requirements? Is there actually an online platform like with big boys in the West?
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Post by Fletchsmile on Oct 12, 2016 10:23:04 GMT 7
Yes you can get an online platform just like in the west - though probably a bit less sophisticated. Just go to a broker and ask to open an account. That would allow you to deal via calling your broker or online. For account opening Thailand loves its paperwork, so you'll have Know Your Customer (KYC) forms like in the west, assessment of your financial position etc What individual brokers require will differ. As a foreigner opening an account can vary as to what they want, plus who you open with. I opened my account with KGI Securities, and at the time was just things like paassport + long term visa/ extension of visa (i.e. not just tourist), proof of income, work permit if you have one, bank details etc. Then as I trade futures and options there was a suitability questionnaire. All in all it took an hour or so plus a fair bit of paper. Not long after that approved and up and running. If you bank with someone like Bangkok Bank, they have a stockbroking sister company, which may count in your favour as a bank account holder when applying. I should add I rarely trade or invest in individual Thai stocks. I buy mainly unit trusts/ mutual funds via my bank and the a little trading on SET 50 index futures/options. Cheers Fletch
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Post by Fletchsmile on Oct 12, 2016 11:33:21 GMT 7
So SET ended the day down just over another 1% yesterday. Won't be helping IPOs either ============================================ SET misses IPO target on deal delaysThe Stock Exchange of Thailand (SET) will fail to reach its target of gaining 190 billion baht in additional market capitalisation from initial public offering (IPO) securities this year after delays of two large deals. Osotspa and Bangkok Commercial Asset Management (BAM) have both postponed their IPOs, worth an estimated 100 billion baht, to the first half of next year. Delays on a number of big IPOs this year are due to snags in complying with accounting criteria, which require that annual accounting reports be made, said president Kesara Manchusree. This has caused the SET to fail to achieve its target this year, she said. contd... www.bangkokpost.com/business/finance/1108253/set-misses-ipo-target-on-deal-delays
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Post by Fletchsmile on Oct 12, 2016 11:34:32 GMT 7
SET down around 1.4% at the moment this morning. Interesting times...
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buddahas
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Post by buddahas on Oct 12, 2016 12:15:59 GMT 7
Thanks for the explanation above. Considering that I had trouble opening an account with my marriage extension to deposit the required 400k baht I really think it would not be that easy to open a trading account anymore.
Regarding SET, I know what ya sayin', but could the drop today be due to US market being down approx the same percentage yesterday?
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AyG
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Post by AyG on Oct 12, 2016 13:09:10 GMT 7
SET down around 1.4% at the moment this morning. Interesting times... And now down 2.6%. Looking at Bloomberg, the fall has been pretty linear since the 6th. www.bloomberg.com/quote/SET:INDI find this continued steep fall very curious. I'm beginning to doubt the "conventional" explanation of the fall. Normally on such news markets move sharply (and then usually rebound quickly). This doesn't look like that.
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