SET index eases on True share slump
published : 15 Nov 2019 at 17:37
Thai shares weakened on Friday, dragged by telecoms on poor corporate earnings.
The Stock Exchange of Thailand index closed 7.24 points or 0.45% lower to 1,602.23, in turnover of 44.5 billion baht. The market closed lower for the third straight session, shedding 2.2% for the week.
Shares of True Corp Plc closed at 4.56 baht. The shares slumped 9.7% to a more than six-year closing low, after the telecom services provider posted a 24% dive in third-quarter core profit and missed Jefferies' forecast by a steep margin.
"True appears to be the least beneficiary of the ongoing mobile market collaboration and is clearly in an inferior financial position to embrace an upcoming 5G capex cycle," Jefferies analysts said, and removed the stock as their top sector pick.