Wednesday, September 30, 2020

SET pressured down by low forecast on crude oil prices

Apr 08. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,205.77 on Wednesday (April 8) marking drop of 9.18 points or 0.76 per cent.

Total transactions during the day were valued at Bt92.816 billion with an index high of 1,213.55 and a low of 1,192.98.

An analyst at Krungsri Securities said the index can be expected to fluctuate between 1,200 and 1,235.

“The market gained from positive sentiment due to a drop in Covid-19 patients and deaths in Europe, the US and Thailand,” the analyst said.

“On Tuesday, there was only a 7 per cent increase in Covid-19 patients in the US, while Thailand only had 38 new cases, showing the situation had improved.”

The analyst said investors had also gained confidence from the Cabinet’s approval of the third phase of economic stimulus worth Bt1.9 trillion, covering all sectors impacted by the pandemic.

“However, the index was pressured downwards by the expected drop in oil price after the US Energy Information Administration cut the West Texas Intermediate oil price forecast by 23 per cent to US$29.34 per barrel.”

The top 10 stocks with the highest trading values on Wednesday were BAM, GULF, PTT, ADVANC, AOT, KBANK, GPSC, PTTEP, SCB and BBL.

As of 5pm on Wednesday, the price of crude oil rose by US$0.97 or 4.10 per cent to $24.60 per barrel, while gold price rose by $4.30 or 0.26 per cent to $1,688 per ounce.

The regional markets, meanwhile, were mostly on the slide:

Japan’s Nikkei Index closed at 19,353.24, up 403.06 points, or 2.13 per cent.

China’s Shanghai SE Composite Index closed at 2,815.37, down 5.39 points, or 0.19 per cent, while Shenzhen SE Component Index closed at 10,386.54, down 42.37 points, or 0.41 per cent.

Hong Kong’s Hang Seng Index closed at 23,970.37, down 282.92 points, or 1.17 per cent.

South Korea’s KOSPI Index closed at 1,807.14, down 16.46 points, or 0.90 per cent.

Taiwan’s TAIEX Index closed at 10,137.47, up 141.08 points, or 1.41 per cent.

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