Never before have Thai stocks rallied so much at a time when foreign investors were heading for the exit. The question is, how long can the rally last?
The benchmark SET Index rose 4.6% last month even as international money managers sold a net $583 million (16.8 billion baht) worth of Thai shares, the biggest outflow among 10 Asian markets tracked by Bloomberg.
The advance, propelled by 18 billion baht ($611 million) in net purchases by domestic investors, was the largest for any month when net overseas outflows exceeded US$500 million. The index fell an average of 5.5% during such periods since Bloomberg began compiling the data in 1999.
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