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Foreign capital inflow into regional markets lessened in November compared with volumes seen during a few months earlier. In November, foreign investors were net sellers, cashing in on their investments in the region’s top-3 markets with biggest year-to-date index gains: Indonesia, Thailand and the Philippines.
The SET Index closed November at 1,005.12, 2.1% rise m-o-m and 36.84% rise from end-2009. Most industry indices closed higher in November, except for Consumer Products, Financials and Property & Construction. Industrials enjoyed the highest rate of increase for 3 months in a row, with a 22.22% rise month-on-month and a 133.14% rise from end-2009. Gains of the SET Index have pushed the market’s Forward P/E Ratio to 14.14 times, as of November 30. The increase was in contradiction to the situation in other regional markets. Meanwhile, the combined SET and mai market capitalization totaled THB8.21 trillion (approx. USD265.02 million), a 2.18% increase from the previous month and a 38.96% rise from end-2009.
Daily trading value averaged THB42.26 billion (approx. USD1.36 billion), 22.35% increase m-o-m, the highest since SET started securities trading in 1975. In November, retail investors dominated the market, accounting for 66.30% of total trade value, while foreign investors accounted for 14.90% of total trade value, down from 17.59% in October. Trade value by sector showed that investors, in November, paid more attention to Information and Communication Technology, Petrochemicals & Chemicals, while trade value in Banking and Property Development has shrunk continuously since September 2010. The trading in Non-SET50 shares in November was still substantial, accounting for 33.78% of total trade value.
In terms of active trading accounts, October showed a m-o-m decrease of 5.44% from September to 168,323 accounts, but a y-o-y increase of 15.51% from October 2009. Trade value per account fell from THB5.04 million (approx. USD162,580) in September to THB4.10 million (approx. USD132,260) in October. However, internet trade continued to gain more popularity, with the proportion of trade value to total trade in October rising to 26.23% from 25.94% in the preceding month. Although the number of internet accounts dropped 3.21% month-on-month to 70,576 accounts, October figures still represented a 34.87% increase from the same time last year.
In November, Thailand Futures Exchange PCL (TFEX) reported an average daily trade value of 25,450 contracts, the highest since the start of TFEX and an 8.94% month-on-month increase as well as a 52.68% year-on-year rise. On November 29, TFEX added two types of short-term interest rate futures to its offerings: 3-month BIBOR futures and 6-month THBFIX futures.
Improved economic conditions and stock trading encouraged more fundraising in November, when listed companies raised a total of THB3.16 billion (approx. USD102.09 billion). During the first 11 months of 2010, listed firms have collected more than THB84.82 billion (approx.USD2.73 billion), a 157.13% year-on-year increase from last year’s record of THB32.99 billion (approx. USD1.06billion).
