Today the SET had a wunderbar rally up 4.42% or 62 pts, however the rest of the region, while up as well looked relatively muted. So remembering that this week trigger funds (local asset management firms love to sell mutual funds that say once the fund hits an x.x% return the monies will be returned to customers, but if not then customers still get the shares). So today, biggest net buyers were ta daahhhhh local institutions.
And this year the market has been fairly obviously supported by them as well. This all makes us slightly nervous while we did increase our weightings during the week the obvious local chase for yield is keeping the market up, in our viewpoint, artificially high…meh.