Thai stocks closed down 1.52 points. Analysts revealed that Thai stocks were volatile in the morning, rising strongly supported by the announcement of the merger between GULF-INTUCH, causing ADVANC-THCOM stock prices to adjust upwards. The index closed in the evening negatively due to concerns regarding the impact of EA stocks, which fell for the second day. The investment framework for tomorrow is estimated to have support at 1,310 points and resistance at 1,325 points. It is recommended to keep an eye on the Dow Jones Index, Nasdaq Index, and S&P500 Index following the volatile US stock market’s inconsistent adjustments.
The Thai stock market closed on July 17, 2024, down 1.52 points or 0.12%, closing at 1,319.79 points, with a trading value of 46,557.81 million baht. The index moved in positive territory in the morning due to the merger between GULF and INTUCH, but adjusted down in the followingnoon following concerns regarding EA shares returned, pressuring the market. EA stocks had fallen for the second consecutive day. During the day, the index adjusted up to a high of 1,330.22 points, and down to a low of 1,318.41 points.
The number of securities that changed today increased by 143, remained unchanged by 167, and decreased by 342.
In terms of trading volume classified by investor groups, foreign investors net bought more than 695.26 million baht. Domestic investors net sold more than 17.65 million baht, securities company accounts net sold more than 474.66 million baht, and institutional investors net sold more than 202.95 million baht.
The top 5 securities with the highest trading value
1.INTUCH trading value 6,141.58 million baht, closed at 79.00 baht, increased 2.75 baht.
2.ADVANC trading value 4,796.64 million baht, closed at 224.00 baht, increased 4.00 baht.
3.GULF trading value 4,062.78 million baht, closed at 45.00 baht, increased 2.75 baht.
4.DELTA trading value 3,608.12 million baht, closed at 94.75 baht, increased 1.25 baht.
5.CPALL trading value 1,435.48 million baht, closed at 57.00 baht, increased 0.25 baht.
The top 5 SET100 indexes with the highest price increases are:
1.ADVANC closed at 224.00 baht, up 4.00 baht or 1.82%.
2.GULF closed at 45.00 baht, up 2.75 baht or 6.51%.
3.INTUCH closed at 79.00 baht, up 2.75 baht or 3.61%.
4.DELTA closed at 94.75 baht, up 1.25 baht or 1.34%.
5.KBANK closed at 126.50 baht, up 1.00 baht or 0.80%.
The top 5 SET100 indexes with the lowest price declines are:
1.EA closed at 6.40 baht, down 2.75 baht or 30.05%.
2.SAPPE closed at 93.00 baht, down 2.00 baht or 2.11%.
3.HANA closed at 47.00 baht, down 1.50 baht or 3.09%.
4.BBL closed at 135.00 baht, down 1.50 baht or 1.10%.
5.BCP closed at 35.00 baht, down 1.25 baht or 3.45%.
While the SET100 index closed at 1,803.58 points, up 1.09 points or 0.06%, the SET50 index closed at 824.25 points, up 1.63 points or 0.20%, and the mai market index closed at 342.94 points, down 3.52 points or 1.02%.
Mr. Sarawut Techochawalit, Senior Director of Securities Analysis, RHB Securities (Thailand), said that the Thai stock market this morning saw the index rise due to the support of Gulf Energy Development Public Company Limited (GULF) and Intouch Holdings Public Company Limited (INTUCH) announcing the merger, pushing the share prices of ADVANC-THCOM to rise accordingly. Speculative buying in DELTA also helped support the market.
In the followingnoon, the index adjusted down, still under pressure from shares of Energy Absolute PCL (EA) falling for the second day, affecting the index by regarding 0.8 points. The problems with EA also caused concerns regarding debt provisioning by the creditor bank group in the second half of the year.
The overall Asian stock market, Japanese and Taiwanese stock markets, saw selling pressure in the technology sector due to concerns that if Donald Trump wins the US presidential election, the trade war between China and the US might escalate. Trump said the US may impose tariffs on Japanese companies that allow China to access technology. He also said that Taiwan should pay territorial protection to the US. As a result, shares of TSMC, a major Taiwanese chipmaker, fell today.
“Tomorrow’s trend, the index is expected to move sideways and be sluggish. We recommend monitoring EA’s share price. If it falls further, will there be buying power? By assessing EA’s situation, we will have to find a Strategic Partner and monitor whether it will default on its loans and debentures. However, initially, we see that EA’s business can continue, but there may be a problem with confidence, and the plan to issue a new debenture may have to be postponed following its credit rating was downgraded to Junk Bond. However, if EA has good news, it may support the share price to bounce back. As for foreign factors, we still have to monitor the volatility of the US stock market following the Dow Jones Index, Nasdaq Index, and S&P500 Index moved inconsistently. We see a support level of 1,310 points and a resistance level of 1,325 points,” concluded Mr. Sarawut.
Thai Stocks Close Down Amid Volatility
The Thai stock market closed on July 17, 2024, down -1.52 points or -0.12%, closing at 1,319.79 points, with a trading value of 46,557.81 million baht. The index saw positive movement in the morning due to the merger between GULF and INTUCH, but this was reversed in the followingnoon as concerns regarding EA shares returned to pressure the market, causing the stock to fall to the floor for the second consecutive day. Throughout the day, the index traded within a range, hitting a high of 1,330.22 points and a low of 1,318.41 points.
Trading Volume and Investor Activity
While the number of securities that changed today increased by 143 securities, remained unchanged by 167 securities, and decreased by 342 securities.
In terms of trading volume classified by investor groups, foreign investors net bought more than +695.26 million baht. On the other hand, domestic investors net sold more than -17.65 million baht, securities company accounts net sold more than -474.66 million baht, and institutional investors net sold more than -202.95 million baht.
Top Performing Securities
Top 5 Securities with the Highest Trading Value
| Rank | Security | Trading Value (Million Baht) | Closing Price (Baht) | Change (Baht) |
|---|---|---|---|---|
| 1 | INTUCH | 6,141.58 | 79.00 | +2.75 |
| 2 | ADVANC | 4,796.64 | 224.00 | +4.00 |
| 3 | GULF | 4,062.78 | 45.00 | +2.75 |
| 4 | DELTA | 3,608.12 | 94.75 | +1.25 |
| 5 | CPALL | 1,435.48 | 57.00 | +0.25 |
Top 5 SET100 Indexes with the Highest Price Increases
| Rank | Index | Closing Price (Baht) | Change (Baht) | Percentage Change (%) |
|---|---|---|---|---|
| 1 | ADVANC | 224.00 | +4.00 | +1.82 |
| 2 | GULF | 45.00 | +2.75 | +6.51 |
| 3 | INTUCH | 79.00 | +2.75 | +3.61 |
| 4 | DELTA | 94.75 | +1.25 | +1.34 |
| 5 | KBANK | 126.50 | +1.00 | +0.80 |
Top 5 SET100 Indexes with the Lowest Price Declines
| Rank | Index | Closing Price (Baht) | Change (Baht) | Percentage Change (%) |
|---|---|---|---|---|
| 1 | EA | 6.40 | -2.75 | -30.05 |
| 2 | SAPPE | 93.00 | -2.00 | -2.11 |
| 3 | HANA | 47.00 | -1.50 | -3.09 |
| 4 | BBL | 135.00 | -1.50 | -1.10 |
| 5 | BCP | 35.00 | -1.25 | -3.45 |
Market Analysis and Outlook
Mr. Sarawut Techochawalit, Senior Director of Securities Analysis at RHB Securities (Thailand), attributed the morning rally to the merger announcement of Gulf Energy Development Public Company Limited (GULF) and Intouch Holdings Public Company Limited (INTUCH), which boosted the share prices of ADVANC and THCOM. Speculative buying in DELTA also contributed to the market’s positive sentiment.
However, the index experienced a decline in the followingnoon, primarily due to the continued downward pressure from shares of Energy Absolute PCL (EA). The stock fell to the floor for the second straight day, impacting the index by regarding 0.8 points. The issues faced by EA have also raised concerns regarding debt provisioning by creditor bank groups in the second half of the year.
Looking at the broader Asian stock market, the Japanese and Taiwanese markets saw selling pressure in the technology sector driven by concerns that Donald Trump’s potential victory in the US presidential election might escalate the trade war between China and the US. Trump has voiced potential tariffs on Japanese companies who permit Chinese access to technology, alongside demands that Taiwan pay for US territorial protection. These statements led to a decline in shares of TSMC, a major Taiwanese chipmaker.
Mr. Sarawut expects the Thai stock market to move sideways and remain sluggish in the coming days. He recommends closely monitoring EA’s share price, particularly if it falls to the third floor, to assess whether there will be any buying power. Evaluating EA’s situation, including its search for a Strategic Partner and the potential impact of its loan and debenture default, will be crucial. While he believes EA’s business can continue, there may be a problem with confidence, and the plan to issue new debentures might be delayed following its credit rating downgrade to Junk Bond. However, positive news from EA might support a rebound in the share price.
Regarding global factors, Mr. Sarawut highlights the need to monitor the volatility of the US stock market following the inconsistent movement of the Dow Jones Index, Nasdaq Index, and S&P500 Index. He sees a support level of 1,310 points and a resistance level of 1,325 points for the Thai stock market.
In conclusion, the Thai stock market remains volatile due to both domestic and global factors, with EA’s ongoing issues and potential US trade policy changes creating uncertainty. Investors are advised to remain cautious and closely monitor market developments, particularly regarding EA and US stock market volatility.
