NCH : A tale of sadists & masochists

NCH. In a day it went from a few spreads off the year low to the YTD high. A natural occurrence? We don’t think so. This is a perfect example of not just the frequent ramping of stocks on the SET, but of an investment mindset whereby the sadists (market makers) and masochists (retailers) seem to accept the long periods of….nothing…then the few hours of fun. It’s like holding back all year for a 3 day holiday, and for us has always one of many telltale signs the Thai market is controlled to a far greater extent than certain parties would like the investing public to know.

This is one of several core reasons why the investor base has not improved over the past 20 years even with huge spending and promotions from the SET and SETTRADE. People are scared of the market, and the solid beating it has dished out to so many Thai and indeed foreign investors over the years. Just think of the sad souls who exited NCH yesterday at 1.00-1.02…to see it hit 1.30 today on 39m shares as compared to Wednesday’s total of just 237,400 shares! Not easily forgotten.


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