Thailand’s SET Index Down 3.3 Percent

The Stock Exchange of Thailand’s (SET) main stock index (SET Index) closed at 1,478.97 points, down 3.30 percent or 50.55 points, today. The Index fell for the fifth consecutive day due mainly to profit-taking of investors after the SET index  had surged by 50 percent in the last 14 months (January 2012-February 2013), driven by the strong fundamentals of Thailand’s economy and upbeat earnings of Thai listed companies, said SET President Charamporn Jotikasthira. 
 
In addition, other factors affecting the stock market since early this week included Cyprus’ economic woes which triggered worries about the pace of Europe’s economic recovery, and uncertainties about possible measures to oversee the baht currency. These factors caused foreign investors to be net sellers since the beginning of this week. However, they reversed to be net buyers today, as concerns on these issues eased.
 
So far this year, the SET index has risen 6.25 percent, in contrast to the MSCI AC Asia Pacific ex-Japan Index, which fell about 2 percent.
 
With the SET Index fluctuating during this period, investors should mainly focus on the fundamentals of each stock and give less importance to rumors while making decisions.