Settrade launches iPhone trading application

       Settrade yesterday launched an iPhone online trading application to tap the growth in internet stock trading.
       Announcing the new iPhone application, from left: Kirati Kosicharoen, SET head of information services; Santi Kiranand, a SET group head for market development; Sopawadee Lertmanaschai, a SET chief marketing officer; Adhiruth Thothaveesansuk, True Corp managing director; and Pichit Thanyodom, True chief information officer.
       Settrade Streaming is a fast trading channel for investors to monitor the real-time stock market and to instantly trade and conveniently manage their investment portfolios, said Sopawadee Lertmanaschai, the SET chief marketing officer for markets and post-trade services.
       The application works with 26 retail brokers, who see online trading as a way to offer more convenient trading services and to cut their personnel costs. Currently, 29 brokers offer online trading services, which also have commission rates as low as 0.15% compared with 0.25% for normal trades.
       Investors are looking for more convenient stock trading channels and internet trading on the Stock Exchange of Thailand has grown constantly, said Ms Sopawadee.
       In the first eight months of 2009, online trading accounted for about 20.51% of total trading volume, up from an average of 16.12% last year. Online trading accounts totalled 224,842 at the end of August, up from 189,348 at the end of 2008.
       "With this rising trend, it's possible that we will see growth of 30% in online trading this year," said Ms Sopawadee.
       Apple's iconic iPhone accounts for about 65% of all online users accessing settrade.com through a mobile phone.
       Since its pre-launch late last month to test the market, Settrade Streaming has become one of the eight most popular downloads in Thailand, with about 80% of its downloads being made locally, said Adhiruth Thothaveesansuk, a managing director of True Corp.
       As a local distributor of Apple products, True has helped Settrade to make its new application available globally in Apple's application store.
       Montri Sornpaisarn, CEO of Kim Eng Securities, said the new application increased the choice for online customers, which includes Kim Eng's KETrade. Nearly 1,000 accounts were opened in August for Kim Eng, twice the usual amount, he said.
       Investors can download the application free of charge but must pay internet usage costs as well as a minimum online commission fee, which ranges from 0.15% for cash balance or credit balance accounts to a minimum of 0.2% for other accounts. The application supports users of the Apple iPhone and iPod Touch 2nd Generation.