SET Index for September 2023 closed at 1,471.43 points, down 6.0% due to capital outflows – the baht depreciated. Due to the weak Chinese economy The trend of capital moving back to US government bonds and the US dollar. Because the returns are better
Mr. Sornphon Tulyasathien, Deputy Manager, Head of Corporate Strategic Planning Division The Stock Exchange of Thailand (SET) revealed the conditions of the Thai stock market in September 2023, with the SET Index closing at 1,471.43 points, down 6.0% from the previous month. It is in the same direction as other stock indexes in the region, with industry groups that improved better than the SET Index compared to the end of 2022, including the technology group, financial group, consumer products group. and service group
The average daily trading value in SET and mai was 49,462 million baht, a decrease of 34.1% from the same period last year. Foreign investors net sold for the 8th month at 22,436 million baht. However, foreign investors accounted for a significant proportion of the trading value. The highest for the 17th consecutive month, with the average daily trading value in the first 9 months of 2023 at 56,218 million baht.
The Stock Exchange’s Forward P/E is 16.5 times, higher than the average of 12.8 times of the Asian stock exchange, and the Historical P/E is 22.5 times, higher than the Asian stock exchange’s average of 14.7 times. The dividend yield is 3.15%, lower than the Asian stock exchange average of 3.39%.
The futures market (TFEX) had an average daily trading volume of 583,283 contracts, an increase of 10.4% from the previous month, mainly due to the increase in SET50 Index Futures and Single Stock Futures, and in the first 9 months of 2023 there was a trading volume of 583,283 contracts per day. Average trading per day was 548,766 contracts, down 2.8% from the same period last year. Importantly from the decrease in Single Stock Futures.
However, with the benefit of the weak baht As a result, Thailand’s export figures returned to positive for the first time. In addition, most analysts have a positive view of the Thai economy in 2023 and 2024, led by domestic consumption. tourism sector including the recovery of exports But the trend of capital moving back to US government bonds. and the US dollar currency Because it gives better returns.
The fragility of the Chinese economy This resulted in seeing signs of capital outflows from many stock markets in Asia in September 2023, causing various currencies to Depreciate In particular, the value of the baht has dropped significantly. However, foreign investors are still waiting for an opportunity to return to Thai stocks for many reasons, such as progress on the government’s economic plans and policies. Baht direction Including the trend of Thai economic recovery.
However, the trend in 4Q23 must follow the data. Policy changes or news that will have a close impact on the global economy and investment. After the Thai stock market has been affected by both external and internal factors all along, domestic factors are starting to become clearer. Both the policies of various governments, but we must continue to follow what direction the various policies or measures will have. And is it fully responsive to both domestic and foreign investors?
“In September 2023, investors’ interest in stocks decreased after a large correction, especially in growth stocks and technology groups. This was mainly due to an increase in US Bond Yields as a result of the US Monetary Policy Committee (FOMC) meeting deciding to maintain the policy interest rate as expected by analysts. with the view that the US economy It will not enter a recession this year. This is considered to be a tightening of monetary policy for longer than the market expected. As a result, the US dollar returned to strengthen. Meanwhile, world oil prices increased after major producers continued to limit production volumes,” Mr. Sornphon said.
Source: Thai News Agency
