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Baht/$ 33.30/33
Bid/Ask
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GOLD |
15,000
- 200
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STOCK MARKET
NUNTAWUN POLKUAMDEE
Thai stocks jumped 3.43% yesterday as investors rallied to the market thanks to strong first-half earnings by local banks and falling global oil prices.
The Stock Exchange of Thailand closed yesterday at 687.3 points, up 22.78, in trade worth 14.5 billion baht. Energy stocks gained 5.1%, banks 4.21% and property 2.32%.
Foreign investors were net sellers of 436.44 million baht worth of stock yesterday, while retail investors were net sellers of 1.12 billion and institutional investors net buyers of 1.56 billion.
Most Asian markets closed higher yesterday, with Seoul up 3.5%, Taipei up nearly 4% and Shanghai gaining nearly 3%.
Warut Siwasariyanon, an executive director at Globlex Securities, said lower global oil prices were the main factor driving rising world equity markets yesterday.
Declines in oil prices helped ease fears of high inflation in the second half, he said. Oil prices stayed just above $130 per barrel yesterday in European trade, well below the trading high of $147.27 set on July 11 for contracts traded on the New York Mercantile Exchange.
Mr Warut said buying in large-cap banking stocks on the back of positive second-quarter earnings results also helped boost the overall market.
But he cautioned that political risks remained a short-term concern, with the courts expected to rule next week on several cases potentially affecting the stability of the government.
The cases include a tax liability question regarding the Shin Corp takeover by Singapore's Temasek Holdings from former prime minister Thaksin Shinawatra, as well as the legality of the online lottery policy implemented under the Thaksin government.
Sartawut Teachachawalit, an analyst at Sicco Securities, said notwithstanding any new developments on the political front, the SET could maintain momentum over the 680-point support line.
He said investors should monitor large-cap energy stocks such as PTT, PTT Exploration and Production and Banpu.
Pongpan Apinyakul, head of research at Kim Eng Securities, noted that foreign investors remained net sellers yesterday even though many stocks were trading at relatively low valuations.
Retail investors were focusing primarily on fundamentally strong stocks, he said, as the political situation remained mixed and bilateral relations with Cambodia were tense over the Preah Vihear temple case.
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