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Capital Nomura expert expects foreign investors to sell $114m of Thai stocks after MSCI move
EconNov 12. 2020
By The Nation
An expert at Capital Nomura Securities (CNS) expects foreign investors to sell approximately US$114 million of Thai stocks after MSCI reduced its investment in Thai stocks to 1.87 per cent from 1.91 per cent, which will be effective on November 30.
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Thai stocks listed in MSCI indices attract foreign investors
CNS director of investment research and its investor services division Koraphat Vorachet said MSCI had reduced investment in PTT, CP All, Airports of Thailand (AOT), Siam Cement (SCC), Advanced Info Service (Advanc), Bangkok Dusit Medical Services (BDMS), PTT Exploration and Production (PTTEP) and Intouch Holdings (Intuch), but increased its investment in Asset World Corporation (AWC).
Koraphat expected foreign investors to buy Sri Trang Gloves (STGT) and Delta Electronics (Delta) shares amounting to $43 million and $75 million, respectively, that were listed in the MSCI Global Standard Index and sell TMB Bank (TMB) and IRPC shares amounting to $38 million and $42 million, respectively, that were delisted from the index.
MSCI meanwhile moved IRPC from its Global Standard Index to its Global Small Cap Index.
“We expect the Stock Exchange of Thailand (SET) to face correction for one week before MSCI’s move takes effect on November 30 this year. Therefore, investors should avoid stocks that MSCI has reduced investment in as well as those that were delisted from MSCI’s indices. Meanwhile, investors should speculate on stocks that MSCI has increased investment in,” Koraphat advised.
He said the SET faces volatility despite the inflow of foreign funds as domestic institutional investors were adjusting their portfolios to suit the situation.
The SET Index closed at 1,345.34 on Wednesday, up 4.10 points, or 0.31 per cent. Total transactions amounted to Bt117.15 billion, with an index high of 1,356.83 points and a low of 1,331.39.
Foreign investors and securities accounts made net buys of Bt7.23 billion and Bt771 million, respectively, while institutional and individual investors made net sells of Bt4.22 billion and Bt3.78 billion, respectively.
Foreign investors have bought back Thai stocks totalling Bt28.43 billion for three consecutive days.
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