Wednesday, May 27, 2020

Covid-19 jitters push SET downwards

Apr 01. 2020
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By The Nation

The Stock Exchange of Thailand (SET) closed at 1,105.51 on Wednesday (April 1) marking a drop of 20.35 points or 1.81 per cent compared to Tuesday’s closing figures. 

The value of total transactions stood at Bt67.169 billion with a high of 1,132.10 and a low of 1,105.34.

An analyst at Krungsri Securities expects the SET Index to fluctuate between 1,110 and 1,135. “The market gained from positive sentiments towards the government’s measures to cope with the Covid-19 pandemic and the launch of Super Savings Funds by several asset management companies from April 1 until June 30. This is expected to generate Bt60 billion and support the index,” the stock analyst said. 

“However, uncertainty over the pandemic has forced many countries to enforce lockdowns, which in turn will pressure the global economy to shrink.” 

The analyst explained that the number of infections in the United States and Europe were constantly increase, with the number of worldwide cases as of press time rising to more than 800,000 and the death toll crossing the 38,000 mark. 

Meanwhile, the top 10 stocks on Wednesday with the highest trade value today were BAM, PTT, ADVANC, AOT, CPALL, PTTGC, GULF, PTTEP, GPSC and KBANK.

The price of crude oil dropped by US$0.17 or 0.83 per cent to $20.31 (Bt669) per barrel, while gold price rose by $10.40 or 0.65 per cent, to $1,607.00 per ounce. 

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

Japan’s Nikkei Index closed at 18,065.41, down 851.60 points or 4.50 per cent.

China’s Shanghai SE Composite Index closed at 2,734.52, down 15.77 points or 0.57 per cent, while Shenzhen SE Component Index closed at 9,951.84, down 10.47 points or 0.11 per cent.

Hong Kong’s Hang Seng Index closed at 23,085.79, down 517.69 points or 2.19 per cent.

South Korea’s KOSPI Index closed at 1,685.46, down 69.18 points or 3.94 per cent.

Taiwan’s TAIEX Index closed at 9,663.63, down 44.43 points or 0.46 per cent.

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