Despite higher infection rates and death rates in excess 300 people per day, the equity markets remains relatively unscratched.
The Stock Exchange of Thailand (SET) index rose 7.65 points to end Wednesday’s trade at 1,551.87 points on active trade of 81.90 billion baht.
Foreign investors continued to remain net sellers with net sell position of 875 million baht and so far this month they have sold 11.87 billion baht worth of Thai stocks.
Here are some of the key points to look out for today
- The Bank of Thailand has opted to keep the policy rate at 0.5% but fears of huge economic risk was also part of its announcement.
- Prime Minister Prayut Chan-o-cha hints of lifting of some curbs but only next month while new infections are still above 20,000/day.
- The 5-day average infections per 100,000 now stand at 30.67
- This against 50.7 in Malaysia
- 44 in Britain
- 33.09 in USA
- 11.5 in Philippines
- 2.53 in India
- Opposition says that spending of pandemic relief fund, to which another 587 billion baht was added by cabinet approval yesterday, is slow as only 23% has been disbursed. Fears of corruption have emerged and widely talked about.
- After being snubbed to grant amnesty for pandemic mishandling, govt’ last week amended an ancient Communicable Disease Act to include Covid 19 include in it, thereby effectively grating amnesty to medics and politicians.
Stocks to watch out for
- Muangthai Capital Plc (MTC) – Stock price rose 10% yesterday after MTC raised interest rate by 1% on cash for owned car loans.
- AEONTS and SAWAD shares also rose on speculations on a follow up move.
- Krung Thai Card Plc (KTC) – Talks up a better 2H despite poor economic outlook as the gov’t stimulus for covid and newly acquired leasing business to offer secured loans against cars will help.
- PTT Plc (PTT) – New 10-year investment strategy is a plan to change its business mix to 64% existing biz business, 15% energy and EV to account for 17%. A new segment of pharmaceutical tools, logistics, infra, mobility etc. which are unrelated to energy is added to the mix as well.
- Ocean Commerce Plc (OCEAN) – A micro-cap announces entry into distributing of hemp laced products.
- Tipco Asphalt Plc (TASCO) – News of involvement in bribery scandal in import of oil from Venezuela.
- Bangkok Chain Hospital Plc (BCH) – Share price falling as investors feel its profit peak is reached in 2Q, the co is talking up 3Q outlook.
- Precious Shipping Plc (PSL) – Paints an upbeat on 3Q outlook at the analyst/opportunity day call. Weak baht and rising exports are helping its revenues and bottom line.
- Thai Rayon Plc (TR) – Share price rose 16% after an unexpected bumper profit of 1.2 billion baht or 14% of its market cap for April to June 2021 from rising contribution from associates. It lost 652 million baht during the same period last year.