The market capitalisation of the top 10 stocks has fallen by 15.59 per cent over the past month since foreign investors started their selling spree, falling from Bt2.63 trillion to Bt2.22 trillion yesterday.

The SET index closed at 646.69 yesterday, down 139.85 points, or 17.78 per cent, on the year's intra-day high of 786.54 reached on May 10.

The market capitalisation of Thai stocks has fallen almost Bt1 trillion, from Bt5.64 trillion to Bt4.71 trillion over the corresponding period.

Since May 10, foreign investors have been net sellers of Thai shares worth Bt52.34 billion. For the year to date, excluding the Bt73-billion Shin Corp deal, foreign investors been net sellers of more than Bt20 billion.

Siam Commercial Bank has been hardest hit of the big stocks, with its market capitalisation plunging 23.53 per cent from Bt128.54 billion to Bt98.30 billion over the period. Its share price has fallen 26.09 per cent from Bt69 to Bt51.

State-owned Krung Thai Bank is the second-biggest loser with a 19.35-per-cent loss in market capitalisation, from Bt138.63 billion to Bt111.80 billion.

Its share price has fallen 25 per cent from Bt12.60 to B9.45.

PTT Exploration and Production Plc is the third-worst hit, with an 18.4-per-cent loss of market capitalisation from Bt409.37 billion to Bt334.06 billion.

However, Shin Corp Plc ranks third in terms of share price drop with a 23.42-per-cent decline from Bt39.50 to Bt30.25.

Kasikornbank has seen its market capitalisation drop 16.79 per cent from Bt163.14 billion to Bt135.75 billion, and its share price fall 21.58 per cent from Bt69.5 to Bt54.50.

Those figures are slightly worse than Bangkok Bank whose market capitalisation has fallen 16.52 per cent from Bt225.24 billion to Bt188.02 billion. Its shares are down 17.8 per cent from Bt118 to Bt97.

PTT Plc's market capitalisation is down 15.27 per cent over the period at Bt620.99 billion and its share price has fallen 21.97 per cent to Bt206.

The market capitalisations of Advanced Info Service Plc and Siam Cement Plc have fallen 12.46 per cent and 11.97 per cent, respectively, while Thai Oil Plc has seen its market capitalisation plunge 10.45 per cent.

The share price of the country's largest oil refiner dipped 16.18 per cent from Bt68 to Bt57.

Meanwhile, Vichate Tantiw-anich, executive vice president of the Stock Exchange of Thailand, said the SET plunge was due mainly to panic selling on the Asian stock sentiment rather than fundamental factors.

The Market for Alternative Investment (MAI) has reduced its target of new listed firms from 40 to 30 due mainly to their postponing plans to list on the bourse because of  the political uncertainty.

"So far, MAI's executives have talked with several potential new companies on whether they would be able to list on the stock market by this year.

"But whether they can, we'll see," Vichate said.

Siriporn Chanjindamanee

The Nation