Sep 17, 2013

Monday green, great start to the week

STI up +1.9% to close at 3179.48, 3.6 billion shares, trade worth S$1.72 billion.

SET up +3.14% to close at 1445.11, 10 billion shares, trade worth 55.11 billion baht (about S$2.25 billion).

Rally across Asia. Summers has withdrawn his Fed chairman candidacy, with Janet the frontrunner now. Syria deal struck. US industrial production rose in August by the most in six months, etc etc. Read the rest here.

Lets toast to the exit of Summers and possible winner Janet Yellen. It seems so nonsensical that just because someone has a bias towards a certain method, any small action or event involving his influence can move the market like that.

Back to Asia;

Notable movements today;
TRUE Corp is up +14.48% to close at 8.30 baht.
Krung Thai Bank is up +6.53% to close at 21.20 baht.
Thai Bev is up +3.8% to close at S$0.55

Not to be a party-pooper to the Thais but, notable news today;
1. Yet another train derailment
2. More violence in the rubber protest,
3. Is China bailing out Thailand???

Thai commerce minister says that China will definitely purchase 1.2 million tonnes of white rice from the Thai government stockpile within the next two weeks. The Chinese state-owned enterprise, Beidahuang, is also interested in buying 200,000 tonnes of rubber.

As usual, nothing is proven even from the mouths of the politicians, until actions have formed from words. An industry source from the Chinese side revealed that China does not need that much rice. If somehow such a deal really works out, the motive may likely be country politics.

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