Thai bank stocks fell into a correction on Friday morning, following an uptick lately, with SCB and BAY leading loss.
Siam Commercial Bank Public Company Limited (SCB)’s share price dropped 4% in the morning session. The stock traded at THB129/share, down THB5.00/share or 3.73% from yesterday’s closing price, with a market value of THB7,507 million.
Bank of Ayudhya Public Company Limited, or BAY, slipped THB0.75/share or 2.07% to THB35.50/share, with a trading value of THB119 million.
Bangkok Bank Public Company Limited, or BBL, dipped THB2.50/share or 1.95% to THB125.50/share, with a trading value of THB1,711 million.
Kasikornbank Public Company Limited, or KBANK, fell THB2.50/share or 1.68% to THB146.50/share, with a trading value of THB3,428 million.
Krung Thai Bank Public Company Limited, or KTB, down THB0.20/share or 1.67% to THB11.80/share, with a trading value of THB448 million.
Mr. Kantara Ladawan na Ayutthaya, executive director of Finansia Syrus Securities (FSS), through “Kaohoon Jor Talad Program” on November 19, 2021, stated that the Thai stock market is in a sideway-up trend, seeing that the foreign investors have been net buying Thai shares this month, coupled with the anticipation of an improve Covid-19 situation and more tourist arrivals.
Mr. Ladawan expected the banking sector to lead the market higher in this uptrend, following the recovery in the Thai economy, while the prices have yet to reach the pre-Covid level. Mr. Ladawan, however, has warned of a correction in banking share prices, citing that the sector has been on the rise recently and that it could correct before continuing to increase.