The Thai stock exchange plunged in the morning session by more than 0.9%, dragged by a selloff in the banking sector following a disappointment in 2023 earnings performance.
Most of the banking sector reported their earnings for 2023 last week as the fourth quarter performance of a good number of banks missed market expectations by double digits, notably Kasikornbank Public Company Limited (SET: KBANK), Krung Thai Bank Public Company Limited (SET: KTB), Bangkok Bank Public Company Limited (SET: BBL) and Kiatnakin Phatra Public Company Limited (SET: KKP).
| BAY | 27 | -1.82 % | -0.5 | 27.5 |
| BBL | 144.5 | 0.00 % | 0 | 144.5 |
| CIMBT | 0.6 | 0.00 % | 0 | 0.6 |
| KBANK | 120.5 | -3.98 % | -5 | 125.5 |
| KKP | 46.5 | -3.13 % | -1.5 | 48 |
| KTB | 16 | -11.60 % | -2.1 | 18.1 |
| LHFG | 1 | 0.00 % | 0 | 1 |
| SCB | 104 | -0.95 % | -1 | 105 |
| TISCO | 97.5 | -0.26 % | -0.25 | 97.75 |
| TTB | 1.77 | 4.73 % | 0.08 | 1.69 |
Finansia Syrus Securities (FSS) stated that the Thai stock market moved in the opposite direction from regional markets, mainly due to domestic factors of a selloff in the banking sector from disappointing 4Q23 earnings that were lower than expected namely; KBANK, KTB and KKP. This raised concerns in the market of further disappointment in other listed companies.
FSS also expected to see fund outflows from a selloff of foreign investors in big-cap stocks such as AOT, CPALL and GULF etc, considering a downside in the market EPS that should not be able to surpass the 1,430 resistance level.
