Monday, March 30, 2020

SET rises on massive US Covid-19 relief

Mar 26. 2020
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By The Nation

Heavy investment in Covid-19 relief in the United States is credited with helping float the Stock Exchange of Thailand (SET) to another rise on Thursday (March 26).

The SET index closed at 1,091.96 for an increase of 11.93 points or 1.1 per cent over Wednesday’s finish.

Transactions amounted to Bt62.344 billion, with an index high of 1,103.59 points and a low of 1,072.94.

A stock analyst at Krungsri Securities said he expected the index to move between 1,065 and 1,100.

“Before the SET closed, the US Senate passed an historic $2.2-trillion bill to relieve the burden for Americans and businesses affected by the Covid-19 crisis, including handing out cash to citizens, hospitals and small enterprises,” he noted.

“Meanwhile, the US Federal Reserve’s decision to use the unlimited quantitative-easing bond-purchase programme to increase liquidity and boost the economy adds positive sentiment for overall investment.

“However, the Bank of Thailand’s Monetary Policy Committee has forecast that Thai gross domestic product this year will contract by 5.3 per cent because of Covid-19, and the emergency decree is slowing domestic economic activity and will pressure the index to slump.”

The stocks with the highest trade value today were BAM, PTT, PTTEP, ADVANC, CPALL, AOT, BH, SCC, CRC and KBANK.

The price of crude oil dropped by $0.74 per barrel or 3.02 per cent to $23.75 and that of gold by $9 or 0.55 per cent, to $1,624.40 per ounce.

As of 5pm, most regional stock markets were on the slide:

Japan’s Nikkei Index closed at 18,664.60, down 882.03 points or 4.51 per cent.

China’s Shanghai SE Composite Index closed at 2,764.91, down 16.68 or 0.6 per cent.

Shenzhen’s SE Component Index closed at 10,155.36, down 85.72 or 0.84 per cent.

Hong Kong’s Hang Seng Index closed at 23,352.34, down 174.85 or 0.74 per cent.

South Korea’s KOSPI Index closed at 1,686.24, down 18.52 or 1.09 per cent.

Taiwan’s TAIEX Index closed at 9,736.36, up 91.61 or 0.95 per cent.

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