Thailand’s SET Index settled slightly above the flat line on Friday, recording only 0.31% gain during five trading sessions this week as fund managers are offloading several stocks that are being removed from the MSCI Index at the closing on Friday, August 30, 2024.
The SET Index closed at 1,359.07 points, increased 1.66 points or 0.12% with a trading value of 60.05 billion baht. Meanwhile, 23.5 billion baht in value came at the closing from 30 stocks, largely from the four big-cap stocks that were being deleted from the MSCI Global Standard Index.
MSCI has announced the newly reviewed addition and deletion of Thai securities in its indexes for August, which will take effect at the closing of August 30, 2024.
MSCI Global Standard Indexes
Addition – None
Deletion – AWC, EA, GPSC, IVL
MSCI Small Cap Indexes
Addition – BJC, EA, KAMART, TLI
Deletion – BAFS, BYD, EPG, NEX, ORI, PTG, RBF, RATCH, SC, SJWD, SKY, SNNP, THCOM
Asset World Corp Public Company Limited (SET: AWC) closed at THB3.32 per share, dropped THB0.18 or 5.14% on Friday with a total trading value of 3,352 million baht. However, 2,778 million baht came in at the closing when the share price fell sharply from THB3.48 before closing to THB3.32 at the closing, representing a 3.93% drop.
Global Power Synergy Public Company Limited (SET: GPSC) closed flat at THB40.25 per share with a total trading value of 3,496 million baht. However, 2,853 million baht came in at the closing when the share price fell from THB41.00 before closing to THB40.25 at the closing, representing a 1.9% drop.
Indorama Ventures Public Company Limited (SET: IVL) closed flat at THB17.10 per share, dropped THB0.90 or 5.00% with a total trading value of 3,896 million baht. Out of the total value for the day, 3,317 million baht came in at the closing when the share price fell sharply from THB17.80 before closing to THB17.10 at the closing, representing a 3.9% drop.
Lastly, Energy Absolute Public Company Limited (SET: EA) closed flat at THB6.60 per share, dropped THB0.10 or 1.49% with a total trading value of 3,896 million baht for the day. However, 1,040 million baht came in at the closing when the share price fell sharply from THB6.80 before closing to THB6.60 at the closing, representing a 2.9% drop.
Top 30 stocks with highest trading value at the closing on August 30, 2024.
| Close | Before Closing |
Change before/ ATC |
Vol Close |
Value Close |
|
| IVL | 17.1 | 17.8 | -0.7 | 194 M | 3,317 M |
| GPSC | 40.25 | 41 | -0.75 | 71 M | 2,853 M |
| AWC | 3.32 | 3.48 | -0.16 | 837 M | 2,778 M |
| PTT | 33.5 | 33.75 | -0.25 | 43 M | 1,449 M |
| PTTEP | 141.5 | 141 | 0.5 | 9 M | 1,266 M |
| DELTA | 106.5 | 106.5 | 11 M | 1,195 M | |
| EA | 6.6 | 6.8 | -0.2 | 158 M | 1,040 M |
| BDMS | 27.75 | 27.75 | – | 33 M | 909 M |
| BH | 245 | 244 | 1 | 4 M | 904 M |
| AOT | 59.75 | 59.75 | 15 M | 900 M | |
| CPALL | 60.5 | 60.25 | 0.25 | 13 M | 785 M |
| ADVANC | 247 | 247 | 3 M | 774 M | |
| GULF | 50.75 | 50.75 | 14 M | 692 M | |
| SCC | 230 | 223 | 7 | 3 M | 623 M |
| KBANK | 143 | 143.5 | -0.5 | 3 M | 476 M |
| BJC | 22.5 | 22.5 | – | 16 M | 352 M |
| CPF | 24.6 | 24.6 | 13 M | 321 M | |
| TRUE | 10.3 | 10.3 | 29 M | 299 M | |
| SCB | 107 | 108 | -1 | 3 M | 289 M |
| KTB | 18.3 | 18.4 | -0.1 | 15 M | 268 M |
| TLI | 7.8 | 7.75 | 0.05 | 33 M | 257 M |
| CPN | 59.5 | 59.5 | 4 M | 254 M | |
| INTUCH | 82.5 | 82.25 | 0.25 | 3 M | 243 M |
| HMPRO | 9.05 | 9 | 0.05 | 25 M | 225 M |
| PTG | 8.45 | 8.85 | -0.4 | 24 M | 205 M |
| OR | 15.5 | 15.4 | 0.1 | 12 M | 190 M |
| MINT | 27 | 27 | 6 M | 175 M | |
| TOP | 53 | 52.75 | 0.25 | 3 M | 170 M |
| BBL | 141 | 141 | – | 1 M | 157 M |
| PTTGC | 25 | 24.8 | 0.2 | 6 M | 156 M |
| Total | 23,521 M |
Despite the fact that several stocks were being removed from the global indexes, Thailand’s capital market had been facing an overhang situation for months, mainly due to slow economic recovery from exports and tourism, while political uncertainty dragged growth down. These negative factors kept the Thai stock market at an underperform level until just a few weeks ago.
The SET Index had bounced back by 6% from a four-year low in early August, prompted by apprehensions of a US recession as political issues in Southeast Asia’s second largest economy started to ease.
As the outlook is brighter and the government can finally drive the country with their economic policies, this should raise confidence among foreign investors, especially big funds that are eyeing to diversify their asset to a market that is becoming a production hub of EV and housing data center with favourable incentives to foreign investors, backed by strong tourism and rich in culture. Now that the MSCI Rebalance is already complete, fund managers and foreign investors can now inject capital into Thailand’s stock market.
