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Thai Bourse Market Report for Q3 2011

- Daily average trading volume down 9.01 pct year-on-year to USD 1.07 bln
- Market capitalization down 9.99 pct year-to-date on weak global economy
- Derivatives average trading hit record high of 61,616 contracts/day in Q3
- Dividend yields remain high, at 4.61 pct as at end-September

The Stock Exchange of Thailand (SET) was upbeat in the early third quarter, supported by an improving domestic political situation. However, concerns about the negative spillover of the slowdown in the United
States and Europe hit investment sentiment in August and September, causing foreign net selling in the third quarter across the region.

Average daily trading volume of the SET and the Market for Alternative Investment (mai) fell 9.01 percent to THB 32.88 billion (approx. USD 1.07 billion) in the third quarter compared with a year earlier, while trading volume of derivatives reached 61,616 contracts per day, highest since the derivative market, Thailand Future Exchange, was established in 2006.

Market capitalization of the SET was at THB 7.50 trillion (USD 244 billion), down 9.99 percent from the end of 2010 and down 11.87 percent from the previous quarter. Hit by fears of U.S. and European economic slowdowns, the SET index fell 11.29 percent from the end of last year. Foreign investors were net sellers
for a total of THB 35.62 billion in the first nine months.

Key highlights for Q3

Securities
- Market capitalization was at THB 7.50 trillion (USD 244 billion), down 11.87 percent from end-June and down 9.99 percent from end-2010. Market valuation of mai was at THB 66.24 billion (USD 2.15 billion), down 16.53 percent from the previous quarter and down 17.54 percent from the end of 2010.
- Average daily trading volume was at THB 32.88 billion (USD 1.07 billion), up 8.33 percent from the previous quarter, but down 9.01 percent from a year earlier. In the first nine months, trading volume increased 18.95 percent from the same period of last year, to THB 31.53 billion.
- The forward P/E ratio for the SET was at 10.35 times, down from 11.98 at the end of the second quarter.
- Dividend yields of the SET and mai were at 4.61 percent and 3.66 percent, respectively, as at end-September.
- Foreign investors sold a net THB 16.54 billion (USD 537 million) in September.

They were net sellers worth THB 35.62 billion (USD 1.16 billion) in the first nine months. Foreign investors accounted for 22.95 percent of total trading volume in the first nine months, up from 18.40 percent in 2010.
- Listed companies raised THB 3.65 billion (USD 118 million) in September, raising the total volume of fund raising to THB 8.41 billion (USD 273 million) in the third quarter.

Derivatives
- Average daily trading volume hit all-time high at 61,616 contracts in the third quarter, pushed up by volumes of 50-Baht gold futures, 10-Baht gold futures, and SET50 Index futures.
- In September, average daily trading volume rose to 63,791 contracts, helped by trading of SET50 Index futures, whose volume increased 25.51 percent to 27,030 contracts per day.
- Trading in the night session accounted for 37.42 percent of the total trading volume of gold and silver futures during June 20-September 30.

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