Cracking start to the year, first week, the market is up 1.1%, driven mainly by the resources sector (represents over 30% of the SET market cap), although Agriculture & Food industry had a strong first week as well. I’m not surprised to see the banking sector being hurt, because of the news from Europe (fyi I think the Euro crisis is essentially over, unlimited funds from the ECB for 3 years? Fantastic!), and it may continue to be weak for the next 6-8 weeks as the media tries to overplay the potential that European bonds can’t be rolled over. Regarding the market as a whole, I am still expecting January to be a weak month (unless there is further news of a potential war involving Iran => dollar down => oil prices up => resource sector up) and if any of you love to short, look no further than DTAC, this co is definitely overpriced.


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