To break or not to break: Evidence from price discovery process of Thai stocks during the pre-opening of each trading session To break or not to break Evidence from price discovery process of Thai

PowerPoint Presentation 1 Discussion Issues ความน่าสนใจของงานวจิัย 1. มีงานศึกษาที่เกี่ยวกับ Lunch Break (regular break) น้อยเทียบกับ Circuit Breakers 2. ตลาดหุ้นไทยเป็นเพียงส่วนน้อยที่มี Lunch Break

break. 2. Cost of sales was 233.11 million Baht or at 112.86% of sales which increased from the 2nd quarter of last year of 107.58 % and increased from the last quarter of 105.37% . That was due to low

still affected by the oil price volatility in the global market. Despite the crude oil price recovery, the average crack spread between finished product and referenced crude oil price continues to decline

remains high, and gross refinery margin improved from the increase of crack spread for all products, along with a record of inventory gain from rising average crude oil price during the quarter. Marketing

spread (DTD/DB), and the improvement of Fuel Oil / Dubai (FO/DB) crack spread. However, due to the crude price drop in this quarter, there was an inventory loss of THB 1,010 million, leading to an EBITDA

affected by the decline in most of the finished product and crude oil crack spreads, as a result of the oversupply situation in finished oil products, and the anxieties over the trade war between the US and

a historic high rate of 123.5 KBD during this past September. Meanwhile, Operating GRM declined by 1.69 $/BBL from the previous year, which was affected by the crack spread of finished product and

Discussion and Analysis of Business Operation for 1Q/2018 Bangchak Corporation Plc. I 8 Crack Spreads Situation (Unit: USD/BBL) Crack Spreads Q1/2017 Q4/2017 Q1/2018 YoY QoQ AVG AVG MAX MIN AVG % % UNL95/DB

Business Operation for 2Q/2018 Bangchak Corporation Plc. I 7 from the increment in crude oil price and improving crack spread of some products. In this quarter, crude oil price adjusted upward sharply, which