The clever folks at Asia Plus Securities put this out earlier in the week showing what foreign investors have been selling in Thailand during the month of November.

And the damage is clear to see, telco’s especially ADVANC are being hurt badly followed by the banks, why? We hypothesize that well both sectors are overvalued, two, if you were a mutual fund manager overweight Thailand and you had to go to neutral weighting which positions are the most liquid, the banks (no more corp income tax reduction boost) and telcos (will ADVANC and DTAC have to invest in their own towers?) have below average growth for next year.