SET raising some full-year targets

The Stock Exchange of Thailand is raising its 2013 targets by 50 per cent or more for market trading volume and newly listed companies’ market capitalisation after achieving its first-half targets.

SET president Charamporn Jotikasthira said that after achieving its targets for the first six months of the year, the exchange had raised its target for daily market trading turnover by 54 per cent to Bt49.5 billion from Bt32 billion. 

The revised targets are based on market trading turnover, proportion of investors, types of purchased stocks over the past one year, the possible end of the US Federal Reserve’s stimulus, and downward revision of the Thai economic growth forecast to 4.2-5.2 per cent.

The target for newly listed companies’ market capitalisation is raised by 50 per cent to Bt180 billion from Bt120 billion. The targeted number of traded futures contracts is revised up to 66,000 per day from 50,000. 

In the first half of this year, the SET’s daily market trading turnover averaged Bt61.4 billion, up 90 per cent from the end of last year and the highest in Asean. Trading turnover at Singapore’s stock market rose 29 per cent, while Malaysia’s increased 23 per cent.

“The first-half performance found high successes despite volatility as a result of capital movements ... However, market capitalisation still follows Singapore’s stock market,” Charamporn said.

About 78,600 futures contracts were traded per day. That was 79 per cent above the target for the whole year and the highest in Asean. Singapore’s futures-contract trading was up 53 per cent and Malaysia’s edged up 8 per cent.

Newly listed companies’ fund mobilisation was Bt104 billion, above the whole-year target of Bt100 billion. Their combined market capitalisation was Bt149 billion, above the whole-year target of Bt120 billion.

In the first half, there were about 69,400 new investors, compared with the exchange’s target of 70,000 for the whole of 2013. 

In the second half of this year, the SET will push for holding companies investing in Indonesia and real estate investment trusts (REITs) to be listed. 

In related news, the SET will hold its Thailand Focus 2013 conference from August 28-30. Aimed at invited fund managers and institutional investors from North America, Europe and Asia, the SET describes the conference as “a forum where investors can learn about Thailand’s economic, investment and policy environment from a range of experts, including senior government officials and business leaders”.