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Holidays, impending ruling sap SET trade

The Stock Exchange of Thailand (SET) securities-trading value dropped in April due in large part to the long national holiday and some investors holding back ahead of the Constitutional Court ruling on then-Prime Minister Yingluck Shinawatra.

However, markets began easing worries about the economic woes in Japan, Europe and the United States, drawing funds back into risky assets.

The SET's main index ended April at 1,414.94 points, up 8.95 per cent on the end of 2013.

Foreign investors were net buyers for the second consecutive month, purchasing US$491 million. They sold $136 million-net of Thai stocks during January-April.

The combined average daily trading value of the SET and the Market for Alternative Investment (MAI) was Bt31.21 billion ($957 million), down 3.85 per cent from a month ago and 42.05 per cent from a year ago.

The daily trading volume of derivatives decreased 22.79 per cent from a month ago at 54,613 contracts per day.

The key highlights for April were the market capitalisation of SET at Bt12.61 trillion ($388 billion), up 9.67 per cent from the end of 2013, while the market valuation of the MAI was Bt187.35 billion ($5.75 billion), up 5.63 per cent.

The forward price-to-earnings ratio for the SET was at 13.64 times, up from 13.18 a month ago, while the MAI's forward P/E ratio increased month-on-month to 16.21 from 14.69.

The dividend yield of the SET dipped slightly to 3.25 per cent from March, while the MAI's was down at 1.80 per cent.

Listed companies raised funds through equity worth a combined Bt20.96 billion ($643 million) in April, doubling from a month earlier, of which Bt11.73 billion was raised from initial public offerings and Bt9.22 billion from the secondary market.

Derivatives trading volume sank 22.79 per cent from a month earlier to an average of 54,613 contracts per day.

The trading volume of most products was down, except the SET50 index options and oil futures.


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