The Stock Exchange of Thailand continued to drift lower this week as investors unloaded various blue chips in a rotation pattern.
Many stocks were pressured by specific factors such as concern over power bills and political parties’ promises to reduce electricity costs. SCB and KBANK fell amid provisioning worries over a potential debt default by STARK. OSP and CBG faced pressure as they are unable to raise selling prices despite a sugar tax hike. JMART and JMT retreated on their removal from the SET50 and fears of potential forced sales by investors, while TOP, PTTGC and BANPU were affected by jitters over the delayed recovery in the global economy.
However, better than expected bank earnings released during the week drove KTB and TTB to defy the downbeat market trend. It…
