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Foreign buys push index near 1,500pts

Foreign investors were net buyers of Thai shares on Monday, helping push the composite stock index near 1,500 points.

Their net buy position hit Bt2.4 billion, narrowing the month-to-date net sell to only Bt357 million.

The Stock Exchange of Thailand Index today gained 2.51 points or 0.17 per cent to close at 1,485.75 points, on turnover Bt33 billion.

At one point, the index peaked at 1,493.14 points. The index had been advancing for four trading days.

Fifty one fund managers in Canada and the United States attending a roadshow in June expressed interest to explore investment opportunities in Thailand despite political situation here, said an executive of the Stock Exchange of Thailand.

"Investors focused on strong fundamentals of the listed companies, particular in their growth potentials, long-term competitiveness, adaptability to situations

and strategic growth outlooks after political tensions eased. The roadshow was successful in making the fund participants satisfied with information from Thai companies showing their capabilities and continual improvement," said SET Executive Vice President Chanitr Charnchainarong.

He added that the investors understand better the economic and political situation in Thailand.

The funds attended over 150 meetings with Thai companies and government agencies participating the roadshow, from June 23-27.

Hosted jointly with Thanachart Securities and Daiwa Securities Group, the roadshow in Northern America, in line with SET’s investor base expansion plan, aims to attract new groups of investors, especially in Canada which was held for the second time. Joining the event were eight listed companies - Amata Corp, Central Pattana, Siam Global House, Mc Group, PTT Exploration and Production, Siam Cement and Thaicom, which share 12 per cent of the SET’s total market capitalisation.

Thanchart Securities’ Head of Research Pimpaka Nichgaroon said that the feedback was generally good, thanks to listed companies’ strength and overseas expansion which fit the roadshow’s theme "Branching out on its own footing." These companies showed strong balance sheet, huge cash flow and mentality for growth, she said.

To Kulachet Dharachandra, corporate planning director at Siam Cement, the foreign investors were enthusiastic in the company’s unique strategic business plan which counters short-term risks and supports long-term growth, as well as successful expansion in Asean. They expressed interest in Thailand’s infrastructure devleopment policy. Evidently, Canadian investors’ interest in Thailand improved compared to the previous roadshows over the last five years, Kulachet noted.


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