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STOCK EXCHANGE

Thai bourse follows global plunge

By The Nation

The Stock Exchange of Thailand Index fell 0.74 per cent in the morning session, following a global sell-off on Monday as fears grew that the eurozone debt crisis will spread. The prospect of a devastating default is heightened.

At 12.31pm, the SET Index stood at 1,069.29 points, down 7.95 points from the previous closing. Turnover in the morning session was Bt13.6 billion.

Investors have become increasingly concerned that political leaders and bankers holding Greek debt talks in Brussels remain unable to agree on how to avert an outright default by Athens, sending down European and US shares.Analysts fear that the Greek crisis might spread to larger economies, such as heavily indebted Italy and Spain -- Europe's third and fourth largest economies respectively.

The Milan stock exchange shed 3.3 per cent a few minutes after opening Tuesday, after plunging more than 4 per cent the day before.

On the raised fears of an Italian financial meltdown, International Monetary Fund managing director Christine Lagarde said on Monday in Washington that it is "essentially market driven."

"Some of the Italian numbers are excellent," she told reporters, adding that "It is clearly a fact that Italian growth has to improve."

Gold prices in Thailand also enjoyed a rise today, as gold traders raised up the price by Bt200 per baht weight at 9.40am before a Bt50 cut an hour later. A gold bar is now sold at Bt22,300 per baht weight.

DBS Vickers Securities (Thailand) said in a research note today that, the investment sentiment should remain positive in the near term given easing political risks. Investors will be keeping an eye on the new cabinet line-up, the new government's macro policy implementation, and its potential impact on the country's fiscal position and inflation. These will determine investors' confidence and market direction going forward. Meanwhile, the European debt crisis, slow economic recovery in the US, and China's soft landing, will remain key external risks.

It urged investors to focus on domestic plays, which will benefit from populist policies. DBS favours banks, commerce, food, and media sectors. Its top picks for July are Airports of Thailand (AOT), Charoen Pokphand Foods (CPF), and Big C Supercenter (BIGC), for large caps. Our small/mid cap picks are CS Loxinfo (CSL), Asian Property Development (AP), and Major Cineplex (MAJOR).

-- The Nation 2011-07-12