SCB leads banking stocks higher today after announcing the establishment of SCBX as “Mothership” to become a regional financial technology group.
The share price of Siam Commercial Bank Public Company Limited (SCB) continued its rally, gaining ฿21.50/share or 19.63% to ฿131.00/share, with a trading value of 14,554 million baht.
Followed by Kasikornbank Public Company Limited (KBANK), that gained ฿7.50/share or 6.15% to ฿129.50/share, with a trading value of 11,038 million baht.
Krung Thai Bank Public Company Limited (KTB) rose ฿0.30/share or 2.68% to ฿11.50/share, with a trading value of 813 million baht.
Bank of Ayudhya Public Company Limited (BAY) rose ฿0.75/share or 2.38% to ฿32.25/share, with a trading value of 97 million baht.
Kiatnakin Phatra Bank Public Company Limited (KKP) rose ฿1.25/share or 2.29% to ฿55.75/share, with a trading value of 333 million baht.
Bangkok Bank Public Company Limited (BBL) rose ฿2.50/share or 2.20% to ฿116.50/share, with a trading value of 2,946 million baht.
TMBThanachart Bank Public Company Limited (TTB) rose ฿0.02/share or 1.85% to ฿1.10/share, with a trading value of 756 million baht.
Capital Nomura Securities (CNS) said that besides the positive sentiment from SCB setting up SCBX as a holding company in preparation for future business spin-off, banking stocks and the Thai stock market moved up today in response to the US Federal Reserve’s (Fed) announcement, which signaled an earlier than expected QE cuts and interest rate hikes.
SCB has announced its corporate vision for tackling the rapidly evolving global context by establishing SCBX as a mothership company to accelerate proactive expansion into financial business to the fullest extent. The move will prepare the group for entry into the emerging competitive arena and propel the firm as a regional financial technology conglomerate by 2025, with the goal of building a 200 million strong customer-base with a mission of connecting to the ecosystem both at home and abroad. SCBX will remain under the supervision of the Bank of Thailand.