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Thai Bourse Market Report For April 2013

Date 14/05/2013

  • Daily average trading volume up 93.06 percent year-on-year to THB 53.85 billion
  • Market cap of SET reached at THB 13.65 trillion, up 15.37 percent from end-2012
  • Derivatives trading volume up 115.07 percent year-on-year at 74,321 contracts per day


The Stock Exchange of Thailand's (SET) securities trading volume in April soared 93 percent from a year earlier, supported from improved earnings of Thai listed companies in the first quarter of 2013. Though, in April, the global economy recorded growth but still lacked stability.  Even though the GDP figure and employment rate in the U.S. has improved, economic indicators in China and Europe showed signs of weakening.  Moreover, the Purchasing Managers Index (PMI) in the U.S., China and Japan indicated their economies will likely experience a slowdown.
 
At the end of April 2013, The Stock Exchange of Thailand (SET)’s main index closed at 1,597.86 points, up 14.79 percent from the end of 2012, while its market capitalization was at THB 13.65 trillion (approx. USD 470 billion), increasing 15.37 percent. Market valuation of the Market for Alternative Investment (mai) was at THB 189.88 billion (approx. USD 6.55 billion), rising 42.75 percent from last year’s end.  In April 2013, SET and mai’s combined average daily trading volume was at THB 53.85 billion (approx. USD 1.86 billion), a 93.06 percent y-o-y increase. Foreign investors were net sellers of Thai shares worth THB 19.83 billion (USD 684 million) in April.

In addition, the first Thai infrastructure fund, BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF), was listed on the Thai bourse in April, raising 62.51 billion (approx. USD 2.15  billion). This was also the largest IPO in the Thai bourse’s history.
 
Average daily trading volume for the Thailand Futures Exchange in April 2013 jumped to 74,321 contracts per day, a 115.07 percent y-o-y increase.

Key highlights

Securities

  • At the end of April 2013, the SET Index closed at 1,597.86 points, up 14.79 percent from end-2012 and 2.36 percent from end - March 2013. 
  • Market capitalization of SET was at THB 13.65 trillion (approx. USD 470 billion), up 2.73 percent from the preceding month and 15.37 percent from the end of 2012, while mai’s market capitalization was at THB 189.88 billion (approx. USD 6.55 billion), up 0.77 percent from the previous month and 42.75 percent from the last trading day of 2012.  
  • SET’s forward P/E ratio for April 2013 continued to rise and stood at 14.81 times from 14.40 at the end of March 2013, while mai’s forward P/E ratio was at 19.65 times, up from 18.65 at the end of March 2013. 
  • The dividend yield of SET was at 2.72 percent, while mai's was at 1.45 percent. 
  • In April 2013, the combined daily trading volume of SET and mai averaged THB 53.85 billion (approx. USD 1.86 billion), a 93.06 percent y-o-y increase. From January to April 2013, the two markets’ combined daily trade averaged THB 61.82 billion (approx. USD 2.13 billion), a 102.48 percent y-o-y rise.
  • Trade among big-cap stocks increased from the previous month. The majority of increased trading volume was for commerce and banking sectors. 
  • In April, foreign investors posted a net sell of THB 19.83 billion (approx. USD 684 million), with an average daily trading volume of THB 11.91 billion (approx. USD 410 million). From January to April 2013, they posted a net sell of THB 15.92 billion (approx. USD 549 billion).
  • In terms of fund-raising, listed companies raised funds through equity worth THB 69.61 billion (approx. USD 2.4 billion). Of that, THB 64.34 billion (approx. USD 2.21 billion) was raised from the main bourse, while THB 5.27 billion (approx. USD 180 million) came from the secondary market.  Most fund-raising was from the listing the  infrastructure fund BTSGIF, at THB 62.51 billion (approx. USD 2.15  billion). From January to April 2013, the two markets’ combined fund-raising was at THB 95.47 billion (approx. USD 3.29 billion), a 143 percent y-o-y increase. 

Derivatives

  • In April 2013, average daily trading volume of derivatives on TFEX jumped to 74,321 contracts per day, a 115.07 percent y-o-y increase. The majority of trading volume were from Single Stock Futures at 38,178 contracts per day and SET50 Index Futures at 23,341 contracts per day.
  • Average daily trading volume of USD futures in April rose from the previous month at 768 contracts per day to an average of 1,218 contracts per day, due to heightened fluctuation in the foreign exchange market.

For more information, please visit www.set.or.th/setresearch.

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