TMB share price drops more than 1.5% after Bt5bn selloff
The price of Thai Military Bank (TMB) shares slumped more than 1.5 per cent in the morning session on Thursday, after Canada’s Bank of Nova Scotia (BNS) sold 4.40 billion TMB and TMB-F shares worth Bt5.02 billion.
The selloff accounted for 4.57 per cent of 96.40 billion in TMB paid shares at a book price of Bt0.95 per share.
BNS sold 2.14 billion TMB shares worth Bt2.44 billion, and 2.26 billion TMB-F shares worth Bt2.57 billion. Both were sold at Bt1.14 per share.
As of 11.08am, the TMB share price had fallen by Bt0.02 or 1.67 per cent to Bt1.18 per share. Total transactions amounted to Bt3.39 billion with the highest price per share at Bt1.19 and the lowest at Bt1.17.
An analyst at KTB Securities advised investors to hold TMB shares at the target price of Bt1.20 per share.
"We expect this negative sentiment to impact the TMB share price slightly because it was traded at a price lower than the market price," he said, adding that BNS was selling TMB shares in line with its parent company's policy to withdraw investment in 20 countries.
According to reports on acquisition or disposition of securities (form 246-2), BNS’s stake in TMB has fallen to 0.33 per cent or 315 million shares, from the previous 4.9 per cent or 4.72 billion shares.
