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SET Market Report For August 2020

The Stock Exchange of Thailand (SET) Index at end-August closed at 1,310.66 points or a 1.3 percent lower than the previous month with various factors weighed on investors' confidence comprising US-China conflict, concerns over the second wave of COVID-19 spread, and a series of internal political street protests. SET Index fell 17.0 percent from end-2019, but fared better than  MSCI ASEAN which retreated 19.9 percent.

SET Senior Executive Vice President Soraphol Tulayasathien said that the SET Index was rather stable in August with some industries outperforming SET Index while Agro & Food Industry group ended the month in positive territory. Sign of recovery gathered pace in listed companies that reported forecast-beating earnings in the second quarter, notably those in Electronic Components, Food and Beverage, and certain business groups in Services industry that benefited from COVID-19 vaccine development anticipated to help speed up Thailand's strategic plan to somehow reopen its borders to international tourists.  

SET and mai combined average daily trading value in August was at THB 56.51 billion. The average daily trading value for the first 8 months of 2020 amounted to THB 66.57 billion, or a 24.3 percent increase from the same period last year. Local retail investors dominated stock trading value for a six-straight month in August, making up 44.09 percent.

In August 2020, IPO market continued to gain momentum with two IPOs making debut on SET:  Khonburi Sugar Power Plant Infrastructure Fund (KBSPIF), and Prospect Logistics and Industrial Leasehold Real Estate Investment Trust (PROSPECT),  as well as two listings on mai:  Earth Tech Environment pcl and I&I Group pcl, with combined fund mobilization of THB 6.98 billion.

Key highlights for August

  • SET Index ended August at 1,310.66 points, a 1.3 percent down from the preceding month and a 17.0 percent drop from end-2019. However, the Index outperformed MSCI ASEAN, recording a 19.9 percent fall from the end of last year.
  • In comparison with end-2019, some industry group indices outpaced the SET Index with Agro & Food Industry group closing in August in positive territory while electronic components, food and beverage and service sectors that benefit from COVID-19 vaccine development picking up.
  • The average daily trading value of SET and mai in August amounted to THB 56.51 billion. During the first 8 months of this year, the average daily trading value rose 24.3 percent from a year earlier to THB 66.57 billion. Local retail investors in the month represented 44.09 percent, the biggest slice of total trading value for the sixth straight month.
  • Forward and historical P/E ratios of SET were 22.2 times and 21.8 times respectively at end-August, exceeding the average ratio of Asian markets at 17.2 times and 18.6 times, respectively.
  • Dividend yield ratio of SET was 3.64 percent at end-August, above Asian stock markets' average ratio of 2.89 percent.

Derivatives market

  • In August, the derivatives trading volume averaged 369,938 contracts per day, down 6.9 percent from the previous month, mainly driven by trading in Single Stock Futures and USD Futures. During the first 8 months of 2020, the average daily trading volume was at 470,241 contracts, a 14.3 percent increase from the same period a year earlier.  


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