Recap: Worries that the US Federal Reserve will soon start to scale back its stimulus depressed the global stock market. However, easing concerns about local politics kept the SET in positive territory.
The SET Index traded in the range of 1,442.08 and 1,462.66 points and closed on Friday at 1,445.76, up 0.9% from a week earlier, on average daily turnover of 40.83 billion baht. Foreign investors were net sellers of 927.33 million baht, brokers 1.02 billion and local institutions 874.8 million baht. Retail investors bought 2.82 billion baht more than they sold.
Big movers: MK Restaurant Group (M) popped on its first trading day Thursday and closed the week at 52.75 baht, up 7.65% from its IPO price of 49 baht.
Top stocks by turnover were TRUE, rising 10.5% to 8.95 baht; ADVANC, down 2.8% to 274 baht; and CK, up 13.9% at 22.10 baht. IEC led in volume, up 25% at 0.05 baht. SIS, the week's top loser, closed down 25% at 5.35 baht.
Newsmakers: Sixty-five percent of economists polled by Bloomberg believe the Fed will reduce its monthly asset purchases to US$75 billion from $85 billion next month.
- New automobile sales in Thailand fell 25% year-on-year to 98,251 in July, the first time in 15 months that sales were below 100,000 units.
- Lightning struck PTT's fifth gas separation plant and repairs will take three to five months.
- The 343-billion-baht central budget for fiscal 2014 sailed through the House but not before the opposition exposed wasteful spending of last year's budget.
- Transport Minister Chadchart Sittipunt will meet the Thai Airways board this week to discuss the national carrier's Q2 net loss of 8.4 billion baht. The figure included aircraft impairment losses of 1.3 billion and a forex loss of 4.2 billion.
- Impact Exhibition Management, a unit of Bangkok Land (BLAND), will launch the country's first real estate investment trust (REIT) in Q4 with a size of 20 billion baht to finance Impact's second phase.
- The government approved a 30-billion-baht budget to shore up rubber prices and promote sustainable growth for the ailing rubber industry in the long run.
- Thai Union Frozen Products (TUF) expects better financial results in H2 after posting a 64% year-on-year drop in net profit to 359 million baht in Q2 due to record-high raw material prices.
- Pruksa Real Estate (PS) plans to spend 2.6 billion baht building three prefabrication factories on 110 rai near Navanakorn Industrial Estate in Pathum Thani and a mobile factory in Phuket.
- Quality Houses (QH) plans 11 new projects worth 6.4 billion baht to lift presales to 20 billion and revenue to 18 billion this year.
- Airports of Thailand (AOT) said Q3 net profit jumped four-fold, driven primarily by robust growth in air traffic and a forex gain.
- Contractor Ch. Karnchang has signed a contract with the Laotian government to develop the 20-billion-baht Nam Bak hydroelectric power plant.
- Banpu expects revenue will fall short of this year's target of $3 billion due to a coal output decline and weakening prices.
Coming up this week: The NESDB will announce Thai second-quarter GDP figures today.
- The Monetary Policy Committee will meet on Wednesday.
- China's HSBC flash manufacturing PMI for August will be released Thursday and US new-home sales figures are due on Friday.
Stocks to watch: Finansia Syrus Securities recommends accumulating BECL, KCE, MINT, PTTEP and THRE. Thanachart Securities sees stocks moving sideways this week and recommends trading buys and accumulation of BANPU. Bualuang Securities has a buy on WORK, M, CENTEL, CPN, BGH, TTA, TK, MCOT, HANA, THCOM, MAJOR, GLOBAL and AOT, and a hold on TUF.
Technical view: Thanachart Securities sees support at 1,436 and resistance at 1,460. Krungsri Securities sees 1,420 and support at 1,480.
About the author
Writer: Nuntawun Polkuamdee & Darana Chudasri