Jun. 16, 2014, 12:04 PM
- Thailand gained 1.1% overnight, putting the SET Index in bull market territory (20% above this year's low) amid hope the military takeover will stabilize things enough for the economy to get motoring again. An index of consumer confidence rose to 70.7 in May from 67.8 in April, the first gain in 14 months.
- Last week, the military lifted the curfew in Bangkok after earlier easing restrictions on Thailand's main tourist cities.
- ETFs: THD
- CEF: TTF, TF
May. 23, 2014, 10:28 AM| Comment!
May. 22, 2014, 8:45 AM
- Two days after declaring martial law and saying there was no coup, Army Chief Prayuth Chan-Ocha took to national TV to say he's seizing control in order to restore the peace. It's the 12th military takeover since 1932.
- The move comes after months of street protests and the recent removal of the caretaker government of Yingluck Shinawatra by the Constitutional Court.
- The SET Index closed higher by 0.15%.
- Thai funds: THD, TTF
- Previously: Thailand bounces as military says it's not a coup
May. 21, 2014, 10:51 AM
- A day after the army declared martial law and stocks fell 1.1%, Thailand's SET index gained 0.6%, with Army Chief Prayuth Chan-Ocha pledging this is not a coup, and that military control will be short. There have been about a dozen coups in Thailand since a constitutional monarchy was set up in 1932.
- THD, TTF
- The Philippine Stock Exchange halted a 2-day rally and fell 1.8% following the weak session the U.S.
- ETF: EPHE.
- Indonesia bounced 0.3% one day after a big decline brought on by a key election-season political defection.
- ETFs: IDX, EIDO, IDXJ
May. 8, 2014, 11:20 AM
- Adding to yesterday's charges which forced the resignation of PM Yingluck Shinawatra, she now may face criminal proceedings as the National Anit-Corruption Commission finds her guilty of mishandling a multi-billion dollar rice subsidy program.
- "The opposition will use other judicial challenges to peel off more cabinet members and seek to erode this caretaker government ability to govern in any capacity over the coming weeks," says Eurasia Group.
- Unsurprisingly, foreign investors exited, pulling $234M out of Thailand debt yesterday, the biggest withdrawal in nearly two months.
- Thai stocks ended 1.7% lower at 1,379.02
- ETFs: THD, TTF
Jan. 7, 2014, 8:49 AM
- Thai stocks (THD, TF, TTF) surge 2.6% in Bangkok.
- "Higher oil prices bolstered buying in energy stocks," Reuters notes.
- While the SET may be seeing some bargaining hunting at present, investors will be watching the political situation closely, as protestors have pledged to literally shutdown the capital on January 13; a show of defiance ahead of new elections planned for February.
Jan. 5, 2014, 10:48 AM
- There are now very real questions as to "how long Thailand's vast tourism industry can withstand the political pressure ahead of what could be some of the largest protests the country has seen thus far," the WSJ says.
- Demonstrators loyal to opposition leader Suthep Thaugsuban took to the streets in Bangkok Sunday and are reportedly planning their most ostentatious rally yet later this month.
- Although tourism in the country has proven resilient, the Journal notes that this time may indeed be different: "Singapore Airlines ... said it would cancel 19 flights to [Bangkok] between Jan. 14 and Feb. 25 as demand dwindles [and] hotel occupancy [is expected] to fall to 70-75% in Q1 compared with a more usual 80%."
- Meanwhile, Thai stocks (THD, TF, TTF) are off to their worst start for a year since 1988.
Jan. 3, 2014, 9:34 AM
- The SET Index (THD, TF, TTF) falls 0.5%, adding to Thursday's 5.2% decline — Thursday marked the worst start to a year for the country's equity market in at least two and a half decades.
- Thai shares are now trading at around 10.5X forward earnings, which is the cheapest they've been since the summer of 2012.
- "Market sentiment is very weak with no foreseeable solution on the current political deadlock in the near future,” the CIO of the country's largest private money manager tells Bloomberg.
- In other regional action, Indonesian shares (IDX, IDXJ, EIDO) are lower by 1.6% and stocks in Malaysia (EWM) fall nearly 1%.
Dec. 27, 2013, 11:32 AM
- Thai shares (THD, TF, TTF) slip again, falling 0.75% in Bangkok.
- The country's army chief today indicated that contrary to earlier reports, a military coup is not out of the question. "I won’t say open or closed. Everything depends on the situation," Prayuth Chan-ocha said.
- Meanwhile, the baht hit its lowest level since 2010 on capital outflow worries.
- For more on the political situation in Thailand, see here.
Dec. 26, 2013, 8:33 AM
- Thai shares (THD, TF, TTF) fall under pressure as the country's Election Commission suggests the country should postpone elections scheduled for February, as political turmoil persists.
- Not helping matters is a downward revision to the Finance Ministry's 2013 and 2014 GDP growth forecasts.
- The office now sees 2.8% growth this year and a 4% expansion next year, versus previous estimates of 3.7% and 5.1%, respectively.
- SET index -1.8%.
Dec. 25, 2013, 5:44 PM
- Thailand's Internal Security Act will be in effect for at least two more months, a government official says. The measure gives the police expanded powers as they attempt to manage the country's increasingly fragile political situation.
- Meanwhile, Prime Minister Yingluck Shinawatra has suggested that a 499-member National Reform Council be appointed to address possible changes to the country's constitution and electoral process.
- The opposition — who would generally prefer that no party linked to Yingluck's brother Thaksin Shinawatra be allowed to rule — claims the council would be beholden to Yingluck. "It is certain that she will interfere with the proposed council," an opposition spokesperson says.
- Thai stocks (THD, TF, TTF) are on watch as it remains to be seen whether protesters will make good on their promise to disrupt new elections set for February. The SET edged up 0.4% Wednesday.
Dec. 23, 2013, 10:03 AM
- Thai shares (THD, TF, TTF) slide 1.2% in Bangkok as political turmoil intensifies.
- Protestors have taken recently to surrounding Prime Minister Yingluck Shinawatra’s home and are now attempting to disrupt new elections.
- Amid the strife, the baht hit its lowest level in nearly four years — Thai shares have seen foreign outflows "for nearly every session since November," Reuters notes.
- Other Southeast Asian markets are quiet. Shares in Singapore (EWS, EWSS) are up 0.7%.
Dec. 17, 2013, 10:15 AM
- Thai (THD, TF, TTF) and Indonesian (IDX, EIDO, IDXJ) shares rebound from multi-month lows, rising 0.7% and 1.4%, respectively.
- Also rallying today are Philippine shares (EPHE), up 2% in Manila.
- Southeast Asian investors will be watching the Fed closely for hints about the taper, as many commentators still believe emerging markets will suffer once the FOMC begins to pare its asset purchases.
Dec. 9, 2013, 10:43 AM| Comment!
Dec. 8, 2013, 10:07 PM
- On watch this week are Thai stocks (THD, TF, TTF) as Prime Minister Yingluck Shinawatra has dissolved Parliament amid escalating political tensions.
- Yingluck says there will now be "new elections according to the democratic system."
- The move comes as protesters are set to march on the prime minister's office Monday.
- Last week ended quietly as protesters and administration supporters paused to observe the king's birthday.
Dec. 6, 2013, 9:18 AM
- Thai stocks (THD, TTF, TF) fall 1.1% in Bangkok after a seventh consecutive session of net foreign outflows ($115M according to Reuters).
- Politically the country enjoyed a relatively calm day as protesters and administration supporters pause in observance of the king's birthday.
- In other regional action, Indonesian shares (IDX, IDXJ, EIDO) slide 0.9% in Jakarta to a three-month low.
TTF vs. ETF Alternatives
The Funds primary investment objective is to achieve long-term capital appreciation through investment in equity securities of Thai companies. Under normal circumstances, the Fund will invest at least 80% of its net assets in equity securities of Thai comp
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