SET index drops 1.46 points

SET index drops 1.46 points

Thai stocks slipped 0.1% on Friday in weak and directionless trading as nervous investors watched political developments in Washington over the US budget impasse.

The Stock Exchange of Thailand Index fell 1.46 points from Thursday to close at 1,427.72, an increase of 0.7% from the previous Friday's close of 1,417.49. Turnover was light at 31.44 billion baht, with 6.75 billion shares traded.

The local market is up 2.5% from the end of 2012 and down 13% from the year-high of 1,643.34 reached in mid-May.

Foreign investors were net sellers on Friday of 2.32 billion baht worth of Thai shares, bring their net sales for the month to 3 billion baht and for the year to 109.4 billion. Local institutions were net buyers of 114 million baht, brokers bought 1.15 billion and individual investors were net buyers of 1.05 billion baht. 

Uncertainty about how long the partial shutdown of the US government will last kept global stock markets on edge on Friday.

In early European trading, Britain's FTSE 100 fell less than 0.1%, Germany's DAX was off marginally and France's CAC-40 was up 0.2%.

Wall Street was headed for a higher opening, with Dow Jones futures rising 0.2% to 14,933. S&P 500 futures gained 0.3% to 1,674.10.

Asian stocks were mostly lower. Japan's Nikkei 225 fell 0.9% to 14,024.31. Hong Kong's Hang Seng lost 0.3% to 23,138.54. South Korea's Kospi fell 0.1% to 1,996.98. Australia's S&P/ASX 200 shed 0.5% to 5,208.

American lawmakers also have to agree on an increase in the debt ceiling by Oct. 17 or the world's largest economy may default on its debt payments.

In Bangkok, the SET50 Index of blue-chip shares fell 1.54 points to 973.12, on turnover of 20.63 billion baht. The SETHD index of high-dividend shares fell 8.94 points to 1,149.18, with turnover of 7.68 billion baht. The Market for Alternative Investment lost 0.45 points to 369.08, with transaction value of 5.1 billion baht.

The five most active shares by value were TRUE, rising 25 satang to 8.55 baht; KTB, down 40 satang to 19.80 baht; KBANK, down 3 baht to 177 baht; CK, up 20 satang to 22.50 baht; and Jasmine International (JAS), up 25 satang to 9.35 baht.

In the currency markets, the baht was little changed from a week earlier, trading late Friday in Bangkok at 31.30/32 per dollar, compared with 31.26/30 on Thursday, and 31.30/35 the previous Friday.

In the debt market, 10-year government bonds completed a fourth weekly gain as foreigners increased holdings after the Public Debt Management Office (PDMO) announced it would scale back issues this quarter.

Global funds purchased $225 million more in bonds than they sold this week through Thursday, according to Thai Bond Market Association data.

The yield on the 3.625% note due in June 2023 dropped nine basis points from a week ago to 3.846%, the lowest level since July 23.

The PDMO said issues of the benchmark security in the fourth quarter would total 78 billion baht, down 20% from the previous quarter.

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