SET Index hits 14-month high on political stability
The SET Index continued to show impressive gains last month, hitting 1,543.92 points, its highest in 14 months.
The average daily turnover of the Stock Exchange of Thailand and the Market for Alternative Investment (MAI) last month rose 14.9 per cent to Bt52.79 billion from July of last year, mostly from foreign investors and securities houses.
The performance was attributed to the National Council for Peace and Order’s success in proceeding with its roadmap to restore political stability and implement economic stimulus measures, which boosted investor confidence, as well as the better-than-expected second-quarter operating results of listed firms.
In July, SET and MAI-listed firms raised Bt6.41 billion, down 83 per cent from June.
JOINT VENTURE AIMS FOR ASEAN SUCCESS
Leading event management company CMO has entered into a joint venture with T1 System, a leading operator of digital theme parks, to expand its business at home and in Asean.
Formed with Bt10 million in registered capital, CMO-T1 Asia Corporation combines their strengths in business. CMO and T1 Systems hold 40 per cent each, while 20 per cent was invested by Line Corporation, a legal consulting firm.
CEO Sermkhun Kunawong said yesterday that CMO would take charge of the office location and all office administration including the provision of suppliers in Thailand for production of content and various software. T1Systems will be responsible for the technology applied in the Urban Digital Theme Park.
CMO and T1Systems will provide modern technologies for mutual use and help sell, market and expand both in-country and abroad. Line will be the consultant on international investment and will set the strategy for each joint project.
‘Anywhere to go’ ready to take off
After its launch in April last year, “Anywhere to Go” has bagged pre-series A funding from top venture capital firms including 500 Startups and Golden Gate Ventures, as well as individual investors, to assist the company in going to Asia by next year.
Anywhere to Go developed the Claim D application that was proposed in DTAC Accelerator. It was one of the five winning teams allowed to pitch their business ideas to global investors from the 500 Startups’s “Geek on a Plane” last month and it got the pre-seed funding from that event.
Khailee Ng, a venture partner in Southeast Asia of one of the top early-stage venture capital firms in Silicon Valley, 500 Startups, said yesterday that Thailand’s start-up ecosystem was rapidly growing. Most of its investment in Southeast Asia is in Thailand, which has eight start-ups from the 18 that it backed in the region. Thailand is considered as the interesting destination for investors looking for start-ups.