The Thai stock market surprised investors in the morning session with a slight drop due to a selloff in big-cap stocks after a series of gains in late August in anticipation of more stimulus packages to be introduced by the new government.
Thailand elected the Pheu Thai Party’s Sretta Thavisin last month to be its 30th prime minister and ended its three-month long political vacuum, which gained positive reaction from the Thai stock market that increased around 3% from a day prior to the nomination until a few day before the end of August that the rally started to slow down.
SET Index, Thailand’s main bourse, saw a slight drop by 2.68 points or 0.17% after 90 minutes from the opening bell as training volume remained low.
The index was pressured by a plummet in big-cap stocks such as Airports of Thailand Pcl. and Delta Electronics (Thailand) Pcl. that both contributed to around 1 index point. Meanwhile, Gulf Energy Development Pcl, Central Retail Corp Pcl and Krung Thai Bank Pcl. contributed to another one index point.
Among SET100 Index, B.Grimm Power Pcl. saw its share price plunging the most at 3% to THB32.25 per share. B.Grimm Power is among Thailand’s power generators that are concerned about the new measure by the government that will lower electricity fees for Thai households to relieve the burden on the cost of living.
In Asia, Japan’s Nikkei rose 0.46%, China’s SSEC gained 1.12%, Hong Kong’s HSI jumped 2.55%, Australia’s ASX hiked 0.47% and Korea’s Kospi increased 0.39%.
