SET index rises 1.77 points
- Published: 30/08/2013 at 04:59 PM
- Online news:
Thai stocks inched up 0.1% on Friday in subdued trade, as investors weighed the possible impact of developments in Syria.
The Stock Exchange of Thailand Index rose 1.77 points from Thursday to close at 1,294.30, a decrease of 3.2% from the previous Friday's close of 1,338.13. Turnover was 32.35 billion baht, with 6.07 billion shares traded.
After a decline of 10% this month on heavy outflows of foreign funds and worsening economic news, the local market is now down 7% from the end of 2012. It has lost 21.2% from the year-high of 1,643.34 reached in mid-May.
Stock markets across Asean have tumbled this month as global investors pulled funds from emerging markets on expectations that the US Federal Reserve will start to reduce its stimulus soon. The Manila bourse is down 14%, Jakarta 13%, Singapore 6.8% and Kuala Lumpur 4.9% through Thursday.
Foreign investors were rare net buyers on Friday of 60.2 million baht worth of Thai shares. Local institutions were net sellers of 843.9 million baht and brokers sold 958.8 million. Individual investors were net buyers of 1.74 billion baht.
For the month to date, foreign investors have sold 39.94 billion baht more in Thai shares than they have bought, bringing their net-sale position for the year to 116 billion baht.
Local institutions seeking bargains have been net buyers in August of 11.37 billion baht, brokers have been net sellers of 5.46 billion baht and retail investors net buyers of 34.11 billion baht.
Global stock markets were subdued on Friday after Japanese manufacturing undershot expectations and worries about Syria's civil war dampened sentiment.
The Nikkei 225 in Tokyo shed morning gains after the government released figures which, while showing some strength, fell short.
Manufacturing rose 1.6% in July from a year earlier and 3.2% from the month before. While that pointed to an economic recovery, analysts had expected to see a 3.6% increase.
The Nikkei fell 0.5% to close at 13,388.86. But gains were posted elsewhere in Asia. Hong Kong's Hang Seng rose 0.2% to 21,668.90, South Korea's Kospi gained 1% to 1,926.36 and Australia's S&P/ASX 200 added 0.8% to 5,135.
In early European trading, Britain's FTSE 100 was down 0.6%, Germany's DAX was 0.9% lower and France's CAC-40 shed 0.8%.
Wall Street looked set for a sluggish open, with Dow Jones futures falling 0.1% to 14,827 and S&P 500 futures flat at 1,636.70.
In Bangkok, the SET50 index of blue chips ended at 882.98 points, down 2.09 points, with total trade value of 27.77 billion baht. The SETHD index of high-dividend shares fell 3.41 points to 1,083.87, with turnover of 8.97 billion baht. The Market for Alternative Investment gained 1.05 points to 329.95, with transaction value of 365.7 million baht.
The five most active shares by value were TRUE, rising 15 satang to 6.50 baht; Advanced Info Service (ADVANC), down 4 baht to 240 baht; CPALL, down 1.25 to 32.75 baht; KBANK, down one baht to 159; and Shin Corp (INTUCH), down 75 satang to 76 baht.
In the currency markets, the baht posted its fifth monthly decline, the longest losing streak in five years, reflecting heavy outflows of foreign capital from stock and bond markets.
The baht touched a three-year low this week as data showed exports fell for a third month in July and manufacturing dropped.
Global funds have pulled $2.7 billion from Thai bonds and stocks in August, official data show.
Exports fell 1.5% last month and manufacturing contracted 4.5%, according to data released this week.
The current-account deficit rose to $709 million in July from $664 million in June, the Bank of Thailand said.
The baht rose slightly on Friday as the prospect of an imminent strike against Syria diminished, reducing the chance that oil supplies will be disrupted, said analysts.
"Export numbers are still disappointing for Thailand, keeping underlying sentiment for the currency weak for a while," said Nalin Chutchotitham, an analyst at Kasikornbank.
The baht was trading late Friday in Bangkok at 32.14/18 to the dollar, compared with 32.16/21 on Thursday, and 31.90/95 a week earlier. It has lost 2.7% so far this month.
The yield on the 3.625% sovereign bonds due in June 2023 has climbed 34 basis points in August to 4.32%. It reached 4.39% on Wednesday, the highest for a benchmark 10-year bond since November 2009.
About the author
- Writer: Online Reporters
Position: Online Reporters