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SET index at new 16-yr high on ECB's move

Thai shares hit the new 16-year high for two consecutive days thanks to the European Central Bank to endorse the Outright Monetary Transactions which is hailed by global investors as a possible solution to ease the euro-zone sovereign debt crisis.



At 2.23pm, the SET index was at 1,253.08 points, up 9.16 points or 0.74 per cent from yesterday’s closing. Turnover was thin, though, at Bt17.7 billion. At a point, it hit 1,255.71.

The index ended the day at 1,246.10 points, which was the highest in 16 years and 2 months or since July 5, 1996 when the index was at 1,257.99.

According to the Stock Exchange of Thailand, today’s closing also represented the sharpest increase from the end of last year among Asian boursess.



"Since the end of last year, the index went up by 21.53 per cent, the highest among Asian bourses. This reflects the financial strength of listed companies," said SET President Charamporn Jotikasthira.





Yesterday, it closed at 1,243.92 points, which surpassed the previous high registered on May 3 at 1,240.03.

In its research note, Asia Plus Securities attributed the market spike to the European Central Bank’s scheme. Globally, stock market reacted positively to the move, with the indices increasing by over 1 per cent.

Despite some profit taking, based on its technical analysis the house expected the SET index to end the day at 1,255 points. The index is expected to to hit another 15-year high, at 1,260 points later on.


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