Third taper in a row

Well Yellen chaired her first succession, annouced another cut in the asset-purchase program by USD 10 bn – so they are still buying USD 55 bn a month of of mortgage-backed securities and longer-term Treasury securities.yellen

Anything else? Well the fancy sentence is now “Shifting to “Qualitative Guidance” from “Quantitative Guidance” for the federal funds rate (FFR)”

Anything else? A few markets sneezed.

Hot Money Returns as SE Asia’s Foreign Inflows Accelerate

The tide of hot money is turning in favor of Thailand, Indonesia and the Philippines.

Overseas investors have bought a net $1.6 billion of shares in the three Southeast Asian countries in March, poised for the biggest monthly inflow since January 2013. That follows $4.2 billion of withdrawals in the fourth quarter, which matched the largest outflow since Bloomberg began tracking the data in 1999.

Article Source: Bloomberg

Well, yes and no, while foreign investors have been buying in the past few weeks, the numbers look like this for the year, so are they really rushing back in? Local institutions are the main buyers, because they are flush with cash and are damn worried about underperforming the market again.

Image Source: SETSMART

Stocks in the news (cho, ck, cpn, scc, solar, wha) 20.03.14


CHO reports more than Bt1bn in backlog and will sign a contract for a Bt700mn new job. It expects earnings for 1Q14 to continue to be strong and revenues this year to grow by at least 15%. (Khao Hoon, 20/03/14)

Comment: A unique business here as they build niche trucks/vehicles and ships of all things!


CK focuses on ASEAN to reduce risks – Ch. Karnchang Plc (CK), Thailand’s largest contractor by market value, will focus more on searching for construction projects in neighbouring countries, particularly Myanmar, to mitigate risks from delays in the government’s Bt2trn infrastructure plan. At present, the contractor is working on the Bt76bn Xayaburi hydroelectric power plant in Laos and expects to sign the Bt17bn Nam Bak project this year. (Bangkok Post, 20/03/14)

Comment: As we look around, we are seeing that more and more thai companies already have a larger size of their revenues generated outside of Thailand.


CPN to invest more than Bt50mn in its “CPN Summer Now 2014” campaign that will be held on March 20-April 30. It hopes that the campaign will boost sales of fashion brands in department stores by 20%. (Khao Hoon, 20/03/14) Continue reading Stocks in the news (cho, ck, cpn, scc, solar, wha) 20.03.14