FRIDAY, March 29, 2024
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SET plummets by over 100 points, driven by falling oil price, Covid-19 anxiety 

SET plummets by over 100 points, driven by falling oil price, Covid-19 anxiety 

The Stock Exchange of Thailand (SET) Index closed at 1,255.94 points today (March 9), a decrease of 108.63 points, or 7.96 per cent, over Friday’s close and the lowest level seen in the past four years after the index came under pressure from falling oil prices and Covid-19 worries. 

The daily trade volume was Bt103.623 billion, with an index high of 1,299.77 and a low of 1,249.31.
A stock analyst at Krungsri Securities expected the SET Index to fall to the low level of 1,320 due to a decline in the oil price after Opec and its partners did not reach a conclusion on reducing oil production.
“As a result, Saudi Arabia responded by lowering oil prices and announcing it was ready to increase production to gain market share from Russia, causing a negative sentiment in oil refinery and petroleum stocks,” the analyst said.
“Moreover, the uncertainty amid the Covid-19 situation, in which the number of infected people has increased to more than 100,000, will damage the global economy, resulting in investors turning to safe haven assets, which can be seen from rising gold prices and the declining US bond yield.”
The top ten stocks with the highest trade value today were PTT, PTTEP, CPAll, PTTGC, BAM, CPF, AOT, TOP, Advanc, and SCC.
Elsewhere in Asia, Japan’s Nikkei Index closed at 19,698.76, down 1,050.99 points, or 5.07 per cent.
China’s Shanghai SE Composite Index ended the day at 2,943.29, down 91.22 points, or 3.01 per cent, while the Shenzhen SE Component Index closed at 11,108.55, down 474.27 points, or 4.09 per cent.
Hong Kong’s Hang Seng ended at 25,040.46, sliding 1,106.21 points, or 4.23 per cent.
South Korea’s Kospi closed at 1,954.77, down 85.45 points, or 4.19 per cent.
Taiwan’s TaiEx ended at 10,977.64, falling by 344.17 points, or 3.04 per cent.

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