SET index eases on True share slump

SET index eases on True share slump

Shares of True Corp Plc slumped 9.7% to 4.56 baht on Friday. (Bangkok Post photo)
Shares of True Corp Plc slumped 9.7% to 4.56 baht on Friday. (Bangkok Post photo)

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.



Do you like the content of this article?
COMMENT

Suppression in Myanmar drives 'ice' into Thailand

Mountains of crystal methamphetamine or "ice" have been seized this year as a result of heavy suppression in Myanmar, causing an influx of the drug into Thailand, Office of Narcotic Control Board (ONCB) secretary-general Niyom Termsrisuk said on Monday.

19:42

Hotel floors shut after Egyptian tests positive for virus

Two floors of a hotel in Rayong where an Egyptian delegation stayed have been ordered closed for sanitising after one of them was found to have been infected with the coronavirus.

18:33

Family of infected girl from Sudan investigated

The family of a nine-year-old girl found infected with Covid-19 are being investigated after they were not in state quarantine and required only to self-isolate.

18:13