Saturday, May 30, 2020

SET Index slumps after Friday’s rise

Mar 30. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,087.82 today (March 30), a decrease of 11.94 points, or 1.09 per cent, compared to Friday’s close.

The total transaction volume was Bt41.187 billion, with an index high of 1,094.12 and a low of 1,073.37.

A stock analyst at Krungsri Securities expected the index to drop to between 1,050 and 1,075 points due to uncertainty over the rising number of Covid-19 cases worldwide and the falling crude oil price.

“Although governments have issued measures to relieve the impact of the coronavirus, Covid-19 cases are still on the rise, especially in the US and Italy, where the number has risen well above China to 142,070 and 97,689 people, respectively,” the stock analyst said.

“Currently, China has 81,470 Covid-19 cases, followed by Spain at 80,110 and Germany at 62,435. These statistics indicate the pandemic is not under control yet, causing many countries to implement the social distancing measure. In addition, the situation has led to a plunge in global economic activity.

“Furthermore, the crude oil price fell amid uncertainty following a decline in oil demand, which would pressure energy stocks, while the volatility due to the change in the TFEX Series from H20 to M20 would pressure the index to fall,” the analyst added.

The top ten stocks with the highest trade value today were PTT, BAM, Advanc, KBank, AOT, CPAll, Gulf, PTTEP, SCC, and SCB.

The price of crude oil dropped by US$0.92, or 4.28 per cent, to $20.59 (Bt668.36) per barrel, while the gold price fell by $6.60, or 0.40 per cent, to $1,647.50 per ounce.

Regional stock markets also slid: 

Japan’s Nikkei Index closed at 19,084.97, down 304.46 points, or 1.57 per cent.

China’s Shanghai SE Composite Index ended the day at 2,747.21, down 24.99 points, or 0.90 per cent, while the Shenzhen SE Component Index closed at 9,904.95, down 204.96 points, or 2.03 per cent.

Hong Kong’s Hang Seng ended at 23,175.11, down 309.17 points, or 1.32 per cent.

South Korea’s Kospi closed at 1,717.12, down 0.61 points, or 0.036 per cent.

Taiwan’s TaiEx ended at 9,629.43, down 69.49 points, or 0.72 per cent.

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