The stock Exchange of Thailand 50 Index last week edged up 2.65 points, or 0.52 per cent, to 510.85 points, while the SET 50 Index futures, with S50U09, with the nearest maturity expiring at the end of this month, rose 2.90 points, or 0.57 per cent, to 511.6 points.
Stock markets around the world last week increased from the previous week. The Dow Jones Industrial Average set the year's record to close at 9,791.71 points on the back of the higher production figure in August,an increase for two straight months, the three-year high of US retail sales, and fed Reserve Chairman Ben Bernanke's speech that the recession is likely over.
The positive factors enhanced investors' confidence.
The SET index last week also climbed up from the previous week. Energy stocks were the most active. Some investors, however, stayed on the sideline in latje last week to see the outcome of the red-shirt rally stagfed on Saturday.
Average dailfutures trading was 10,652 contracts, down by 3,413. Open interest contracts as of last Thursday numbered 53,693, up 2,496 from the previous week.
Total weekly futures trading contracts numbered 53,259 worth a combined Bt25.21 billion, Of these, 42,625 were for SET 50 Index futures, 3,710 were for single-stock futures, 4,324 were for gold futures and 2,600 were for SET 50 Index options.
Tuesday, September 22, 2009
Sunday, September 20, 2009
AUSTRALIAN ARRESTED OVER GOLD SCAM
A 64-year-old Australian accused of swindling investors in Pattaya out of millions of baht was arrested last week at Suvarnabhumi Airport by immigration officials while trying to re-enter the country.
A warrant for the arrest of Lance Frederick Shaw was issued by Pattaya police in July last year for his alleged involvement in a Ponzi investment scheme, which fraudulently promises to pay returns to separate investors from their own money or money paid by subsequent investors, rather than from any actual profit earned.
Mr Shaw is being held at Nong Palai prison on fraud charges and will not be granted bail due to the seriousness and number of charges, Pattaya police said. A police official estimated Mr Shaw allegedly defrauded investors of 10 million baht.
Six cases have been filed against the Australian, though the number has continued to increase since his arrest. The Bangkok Post's Spectrum magazine reported on the allegations against Mr Shaw in an Aug 16 article "Gold fever sinks a posse of investors".
The investors, mostly from the UK and Australia, alleged they lost amounts between US$10,000 (341,000 baht) and $250,000 each investing in an online gold investment vehicle known as Hiperfinance.com which advertised monthly profits of 10-20%.
Mr Shaw denied any wrongdoing, saying he was was merely an investor who lost $20 million himself.
He said that while he promoted the scheme to others, he was not behind the operation. Allegations against Mr Shaw will feature in an upcoming episode of Big Trouble In Tourist Thailand, a television series airing on the UK's Bravo Channel.
A warrant for the arrest of Lance Frederick Shaw was issued by Pattaya police in July last year for his alleged involvement in a Ponzi investment scheme, which fraudulently promises to pay returns to separate investors from their own money or money paid by subsequent investors, rather than from any actual profit earned.
Mr Shaw is being held at Nong Palai prison on fraud charges and will not be granted bail due to the seriousness and number of charges, Pattaya police said. A police official estimated Mr Shaw allegedly defrauded investors of 10 million baht.
Six cases have been filed against the Australian, though the number has continued to increase since his arrest. The Bangkok Post's Spectrum magazine reported on the allegations against Mr Shaw in an Aug 16 article "Gold fever sinks a posse of investors".
The investors, mostly from the UK and Australia, alleged they lost amounts between US$10,000 (341,000 baht) and $250,000 each investing in an online gold investment vehicle known as Hiperfinance.com which advertised monthly profits of 10-20%.
Mr Shaw denied any wrongdoing, saying he was was merely an investor who lost $20 million himself.
He said that while he promoted the scheme to others, he was not behind the operation. Allegations against Mr Shaw will feature in an upcoming episode of Big Trouble In Tourist Thailand, a television series airing on the UK's Bravo Channel.
Friday, September 18, 2009
Glitch hits TFEX
The Thailand Futures Exchange was forced to delay its preopening session by 1.45 hours yesterday due to technical problems.
Pre-opening was delayed from the normal start at 9.15 to run from 11-11.15 am,15 minutes shorter than normal, with the opening session set from 11.15 to 12.30. The afternoon session was opened normally, with pre-opening from 14.00-14.30 and trading from 14.30-16.55.
Trade on the SET, the Market for Alternative Investment and the Bond Electronic Exchange was normal.
Pre-opening was delayed from the normal start at 9.15 to run from 11-11.15 am,15 minutes shorter than normal, with the opening session set from 11.15 to 12.30. The afternoon session was opened normally, with pre-opening from 14.00-14.30 and trading from 14.30-16.55.
Trade on the SET, the Market for Alternative Investment and the Bond Electronic Exchange was normal.
Monday, September 7, 2009
Prices to top $1,000 this week
Gold prices yesterday continued to climb near US$1,000 per ounce amid investor concerns about rising inflation and fresh hiccups for the global economic recovery.
Gold in Hong Kong yesterday closed at $995.5 to $996.5 per ounce, up from $987 to $988 on Friday.
In the local market, the buying price for 99.99% gold bars was 16,175.72 baht per baht-weight, up from 16,084.76 on Friday. Prices for 96.5% pure bars were quoted with a buying price of 15,800 baht per baht-weight.
On the Thailand Futures Exchange,trading activity has leapt in recent sessions, with gold futures contracts hitting an all-time high last Thursday of 2.12 billion baht. Yesterday volume for gold contracts totalled 1,026, with open interest of 4,708 contracts.
MTS Gold Futures, a TFEX gold broker,expects gold to break $1,000 per ounce within a few days.
Concern about rising bank collapses in the US and uncertainties about the global economic recovery have helped push up prices, said MTS Gold president Kritcharat Hirunyasiri.
Reports that bullion held in the SPDR Gold Trust, the world's largest gold exchange traded fund, rose 14.65 tonnes on Thursday also helped push up prices,said Mr Kritcharat.
"Investors are concerned about the global economy. This is putting pressure on funds to shift to lower-risk assets,"he said."Inflation is another concern,as is the trend towards US dollar depreciation."
He predicted that trading for TFEX gold futures will reach 900 contracts per day this month, as local investors follow the global trend. Contracts for October gold futures (GFV09) are likely to trade between 15,700 to 15,900 baht, he added.
"Gold futures will be more attractive for investment in the future and we will see trading value reach 3 billion baht per day very soon," he said.
Jitti Tangsithpakdi, president of the Gold Traders Association, said gold prices could post a modest decline this week as investors take profits from recent gains.
"However, for the long term we are confident that the price will continue to rise, and this year will set a new high.Last year it had its highest price at $1,034 per ounce," he said.
Apichat Laksanasirisak, managing director of TC Ausiris Futures, predicted gold will hit $1,100 per ounce within six months due to factors such as inflation,the weak US currency and asset allocation shifting from equity to gold.
Gold in Hong Kong yesterday closed at $995.5 to $996.5 per ounce, up from $987 to $988 on Friday.
In the local market, the buying price for 99.99% gold bars was 16,175.72 baht per baht-weight, up from 16,084.76 on Friday. Prices for 96.5% pure bars were quoted with a buying price of 15,800 baht per baht-weight.
On the Thailand Futures Exchange,trading activity has leapt in recent sessions, with gold futures contracts hitting an all-time high last Thursday of 2.12 billion baht. Yesterday volume for gold contracts totalled 1,026, with open interest of 4,708 contracts.
MTS Gold Futures, a TFEX gold broker,expects gold to break $1,000 per ounce within a few days.
Concern about rising bank collapses in the US and uncertainties about the global economic recovery have helped push up prices, said MTS Gold president Kritcharat Hirunyasiri.
Reports that bullion held in the SPDR Gold Trust, the world's largest gold exchange traded fund, rose 14.65 tonnes on Thursday also helped push up prices,said Mr Kritcharat.
"Investors are concerned about the global economy. This is putting pressure on funds to shift to lower-risk assets,"he said."Inflation is another concern,as is the trend towards US dollar depreciation."
He predicted that trading for TFEX gold futures will reach 900 contracts per day this month, as local investors follow the global trend. Contracts for October gold futures (GFV09) are likely to trade between 15,700 to 15,900 baht, he added.
"Gold futures will be more attractive for investment in the future and we will see trading value reach 3 billion baht per day very soon," he said.
Jitti Tangsithpakdi, president of the Gold Traders Association, said gold prices could post a modest decline this week as investors take profits from recent gains.
"However, for the long term we are confident that the price will continue to rise, and this year will set a new high.Last year it had its highest price at $1,034 per ounce," he said.
Apichat Laksanasirisak, managing director of TC Ausiris Futures, predicted gold will hit $1,100 per ounce within six months due to factors such as inflation,the weak US currency and asset allocation shifting from equity to gold.
Sunday, September 6, 2009
TFEX sees slowdown in hedging need
The Thailand Futures Exchange (TFEX)expects trading to slow as the stock market rally reduces the need for hedging.
Trading on the bourse may drop to about 10,000 contracts a day in the second half from 10,678 in the first six months,said Kesara Manchusree, the TFEX managing director. Average daily volume jumped 63% in the first half, boosted by record trading of 16,542 contracts a day in June, she said.
"Individual investors prefer to directly invest in equity securities now because they have more confidence in the stock market," Ms Kesara said."The demand for hedging instruments surged in the second quarter because they were unsure the rally would be sustainable and the market was very volatile."
The SET index jumped 48% so far this year, set for its best performance in six years, on expectations that an economic rebound will boost corporate earnings.Thailand's economy may expand in the fourth quarter after contracting the past four quarters, as the government spends more and exports recover, Finance Minister Korn Chatikavanich said this week.
Futures trading has averaged 10,690 contracts a day so far in September,down from 12,205 in August and 15,001 in July, according to TFEX data.
The number of futures trading accounts has risen to 25,000 from 15,894 at the end of last year. About 55% of the accounts are individual investors, she said.
Kim Eng Securities, the country's biggest stock brokerage, said recently that derivative trading would be the main area of growth for most local securities companies and it added more analysts and traders to cope with the increased business volume.
Trading on the bourse may drop to about 10,000 contracts a day in the second half from 10,678 in the first six months,said Kesara Manchusree, the TFEX managing director. Average daily volume jumped 63% in the first half, boosted by record trading of 16,542 contracts a day in June, she said.
"Individual investors prefer to directly invest in equity securities now because they have more confidence in the stock market," Ms Kesara said."The demand for hedging instruments surged in the second quarter because they were unsure the rally would be sustainable and the market was very volatile."
The SET index jumped 48% so far this year, set for its best performance in six years, on expectations that an economic rebound will boost corporate earnings.Thailand's economy may expand in the fourth quarter after contracting the past four quarters, as the government spends more and exports recover, Finance Minister Korn Chatikavanich said this week.
Futures trading has averaged 10,690 contracts a day so far in September,down from 12,205 in August and 15,001 in July, according to TFEX data.
The number of futures trading accounts has risen to 25,000 from 15,894 at the end of last year. About 55% of the accounts are individual investors, she said.
Kim Eng Securities, the country's biggest stock brokerage, said recently that derivative trading would be the main area of growth for most local securities companies and it added more analysts and traders to cope with the increased business volume.
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