Thailand’s stock market saw a huge outflow of more than THB10,000 million from foreign investors on Monday, August 19, 2024, despite the index closing 1.56% higher for the day.
This abnormal flow was due to a Siam City Cement Public Company Limited (SET: SCCC) offloading its shares to Sunrise Equity Co., Ltd. after the reception for a tender offer from the latter.
After the subjection of this big-lot transaction, the Thai stock market could see an inflow of THB1,690 million from foreign investors, as confirmed by the Stock Exchange of Thailand, which resulted in the index surging to 1,323.38 points.
| Daily as of 19 Aug 2024 | Unit: M.Baht | ||
|
Investor Type
|
BUY | SELL | NET |
| Value | |||
| Local Institutions | 7,363.96 | 4,438.22 | 2,925.74 |
| Proprietary Trading | 2,682.16 | 2,800.59 | -118.43 |
| Foreign Investors | 23,727.90 | 34,214.45 | -10,486.55 |
| Local Individuals | 28,584.57 | 20,905.33 | 7,679.24 |
Foreign funds have been flowing out of Thailand throughout the year. August saw an outflow of about THB11 billion baht so far, while there was an outflow totaling THB130 billion since January.
Thailand’s recently appointed Prime Minister, Paetongtarn Shinawatra, shared her plans to conclude discussions with coalition parties this week regarding the composition of her cabinet.
She also declared intentions to reassess a contentious $14 billion cash handout plan introduced by the previous administration to ensure alignment with the country’s fiscal responsibility regulations.
Thailand’s 2Q24 economic growth beat expectations with an expansion of 2.3%, slightly higher than the 2.1% growth projected by economists polled by Reuters.
When compared to the previous quarter, growth in April to June showed a 0.8% QoQ expansion, slightly below a 0.9% growth polled by Reuters and lower than a seasonally adjusted 1.2% in 1Q24.
