SET MONITOR:
Thai share prices closed the day at its three-week high led by heavy buying into the local market on the back of lower oil prices.
The Stock Exchange of Thailand composite index soared 29 points to 705.3 in with active volume of some 27 billion baht or about 809 million dollars.
Retail investors sold the most with the net value of 1.2 billion baht which is around 36 million dollars followed by foreign investors of 834 million baht or almost 25 million dollars.
Local institutions were the only net buyer of two billion baht. And that’s approximately 61 million dollars.
The SET main index jumped more than 4% in response to falling world oil prices.
Brokers attributed SET's dramatic rise which was not seen on other Asian markets today to an influx of investments from hedge funds and short-term buyers.
SET SPOTLIGHT:
TUF sees Q2-08 net profit down below forecasts amidst rising costs
Thai Union Frozen Products which is Asia’s biggest canned tuna exporter reported today its Q2-08 earnings fell 6.2% upsetting analyst forecasts and amid rising production costs.
TUF posted an April-to-June net profit of 403 million baht down from 430 million baht a year earlier.
For H1-08, its net profit totaled 981.4 million baht or 2.4% higher than the same time of 2007.
This evening, TUF share finished more than 3.5% higher at 17.10 baht apiece.
**********************************************************
ENGY debut on local market with price traded lower than IPO level before ending high
Mtrack Energy ETF made its debut on the Thai stock market with an opening price of 3.96 baht or more than 3% lower than its IPO price of 4.10 baht.
Analysts have previously commented that Mtrack Energy might not be able to attract a sizable number of investors after it starts trading on the stock market considering interest in the energy sector has been slipping due to falling world oil price but noted that the fund has an interesting long-term outlook.
And at the closing bell, ENGY managed to settle higher at 4.16 baht.