Market Roundup 25 December 2023

Thailand’s SET Index closed at 1,408.83 points, increased 3.74 points or 0.27% with a trading value of 21.8 billion baht. The analyst stated that the Thai stock market moved narrowly, while most foreign markets closed on Christmas day. The trade spreaded as the purchase power for DELTA surged, keeping the index up, as well as the exports stocks. The trend is expected to be sideways tomorrow as the cabinet is anticipated to discuss the minimum wages.


South Korea has concluded to impose a fine on BNP Paribas SA, HSBC Holdings Plc and its domestic brokerage unit for naked short-selling for a total of 26.5 billion won (approx. $20.4 million).

According to Bloomberg which cited a person close to the matter, BNP Paribas was ordered to pay 11 billion won, 7.5 billion won for HSBC ($14.2 million for the two global banks) and 8 billion won for its local brokerage unit that the South Korea’s Financial Services Commission did not specify the name of the entity for this wrongdoing.


Bangkok Bank Public Company Limited (SET: BBL), the major creditor of Thai Airways International Public Company Limited (SET: THAI), raised concerns about the new 80 aircraft procurement plan as it did not state definite timelines and financial planning.

THAI’s plan to procure new aircraft was deemed acceptable by the committee, but the company needs to distinctively clarify the plan to its creditor, as in the present, THAI was still in the rehabilitation plan and owed the debt in accordance with the plan of THB 130 billion. The said debt already included the THB 72,000 million of debenture, fully paid by the end of 2031.


Mr. Kirati Kitmanawat, Chief Director of Airports of Thailand Public Company Limited (SET: AOT), estimated that during the New Year 2024 festival, traffic through six AOT’s airports will be around 2.65 million or 379,830 passengers per day, increasing by 35.5% compared to last year. Meanwhile, operating flights will increase 27.4% to 15,152 or 2,165 flights per day.

Krungsri Capital Securities anticipated the net profit of AOT in 2024 (Oct 2023 – Sep 2024) to grow more than 156% YoY. Passengers and flights are expected to continue growing due to its low base, while income from concessionaires will rise above pre-Covid level from the new Minimum Guarantee contract. In addition, Krungsri Capital recommended “BUY” on AOT with a target price at THB 73.25 per share. 


China is making a 180 turn around on the gaming curb it made Friday, saying that the authorities may revise the newly drafted online gaming rules following a $80 billion rout in market value from two biggest gaming companies in China.

The share price of Hong Kong listed-company Tencent Holdings was down 12.4% at the closing on Friday, while NetEase Inc fell 24.6%. They are two of the largest companies in the industry and their performance along with the others dragged the Hang Seng Index down by 1.7%. US-listed NetEase shares were also down more than 23% in pre-market trade and closed 16% lower on Friday.