FRIDAY, March 29, 2024
nationthailand

Rising crude oil price, govt stimulus measures buoy SET

Rising crude oil price, govt stimulus measures buoy SET

The Stock Exchange of Thailand (SET) Index closed at 1,138.84 on Friday (April 3) marking an increase of 0.57 points or 0.05 per cent from Thursday’s closing.

Transactions amounted to a total of Bt59.760 billion with an index high of 1,156.59 and a low of 1,130.54.
A stock analyst at Krungsri Securities expects the index to rise between 1,155 and 1,165 before falling.
“The market gained positive sentiment from the rising price of crude oil by approximately 25 per cent after US President Donald Trump said he believed Russia and Saudi Arabia will halt the oil-price war and said he expected the oil production capacity will be reduced by 10 million to 15 million barrels to maintain price stability,” the analyst said.
“Also, investors expect the Cabinet to issue a third phase of measures, including a Bt1-trillion loan to stimulate the economy in the meeting today [Friday].”
The analyst added that the index will fall due to uncertainty in the wake of the Covid-19 pandemic and threats of recession.
“The number of Covid-19 cases across the world has risen beyond the 1 million mark, and there have been more than 51,000 deaths. Meanwhile, the number of people registered for unemployment benefit in the US has spiked to 6.6 million people, which will pressure the market’s direction,” he said.
Crude oil price rose by US$0.99 or 3.91 per cent to $26.31 per barrel, while the price of gold dropped by $5.70 or 0.35 per cent to $1,620 per ounce.
The top 10 stocks with the highest trade values today were PTT, PTTEP, BAM, PTTGC, TOP, ADVANC, IVL, CPALL, KBANK, and SCB.
As of 5pm on Friday, most regional stocks were on the slide:
Japan’s Nikkei Index closed at 17,820.19, up 1.47 points, or 0.0082 per cent.
China’s Shanghai SE Composite Index closed at 2,763.99, down 16.65 points, or 0.60 per cent, while Shenzhen SE Component Index closed at 10,110.11, down 69.09 points, or 0.68 per cent.
Hong Kong’s Hang Seng Index closed at 23,236.11, down 43.95 points, or 0.19 per cent.
South Korea’s KOSPI Index closed at 1,725.44, up 0.58 points, or 0.034 per cent.

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