SET at 7-month low on mounting pressure
Play
Banking stocks risk another downward revision on their perspective prices, following the weaker-than-expected performance in the second quarter, said Tisco Securities.
The house noted that though Kasikornbank and TMB's quarterly earnings are better than expected, but higher loan-loss provisions build up pressure on the target prices. The house recently cut the end-2015 price of KBank from Bt187 to Bt183.
The poor performance, in line with economic activities, is pressuring the stock market environment as well as concerns about drought impacts.
The SET index ended 12.60 points or 0.85 per cent lower today, closing at 1,466.71 points. Turnover remained low at only Bt25 billion.
The index is at the 7-month low. It stood at 1461.74 points on December 16, 2014.
Until July 17, foreign investors were net-sellers of Thai stocks, with net-sell positions worth Bt17.5 billion.
