November was a particularly interesting month in an already interesting year for the local equity market. To recap, in the wake of the initial Covid-19 outbreak, the SET weakened to below 1,000 points in March before bouncing back to its peak at 1,455 in June. The index declined steadily to between 1,200 and 1,300 in the months thereafter, closing out October at 1,194.95.
While the SET jumped 21% to 1,444.53 in late November, driven by good news on vaccines and the conclusion of the US presidential election, it still shed 2% on the last trading day to close the month at 1,408.31, up 18% from the previous month.
In terms of investment flows, the SET has been an underperformer this year, but foreign investors are now buying back stocks with net purchases of 32 billion baht for November. This helped the SET50 surge 22% from October,…
