'January effect' keeping SET afloat

Since the beginning of this year, the Stock Exchange of Thailand has been trading in sideways-up mode on persistent foreign buying amid a generally upbeat “January effect”. Popular blue chips among foreign players, such as Indorama Ventures (IVL) and Bangkok Bank (BBL), have performed rather well and partly offset selling pressures from local funds. Some holders of long-term investment fund (LTF) units became eligible to redeem units from the beginning of this year after holding them for seven calendar years. The market had avoided such redemptions during the past two years due to a change in the holding requirement from…