Wednesday, September 30, 2020

SET edges up as Covid rate declines

Apr 09. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,210.48 on Thursday (April 9), up 4.71 points or 0.39 per cent.

Total trade of Bt83.662 billion saw an index high of 1,243.50 and a low of 1,202.25.

A stock analyst at Krungsri Securities expected the index to rise between 1,220 and 1,230 as energy and petroleum stocks would be driven up by expectations that Opec and its partners will cut oil output by around 10 to 15 million barrels per day.

“In addition, the US Federal Reserve said it will maintain low interest rate levels until the Covid-19 situation is resolved,” the stock analyst explained.

The market was still taking confidence from the declining rate of Covid-19 cases in Europe and the US, as well as economic stimulus measures issued by many governments worldwide, the analyst added.

“However, we advise investors to beware of short-term selling that puts downward pressure on the index to fall.”

The top 10 stocks with the highest trade values on Thursday were BAM, PTT, AOT, CPALL, ADVANC, PTTEP, GULF, SCB, KBANK, and BBL.

As of 5pm, the crude oil price had risen by US$1.51 or 6.02 per cent to $26.60 per barrel, while gold rose by $20.20 or 1.20 per cent to $1,704.50 per ounce.

Meanwhile, regional stocks had a mixed day.

Japan’s Nikkei Index closed at 19,345.77, down 7.47 points, or 0.039 per cent.

China’s Shanghai SE Composite Index closed at 2,825.90, up 10.53 points, or 0.37 per cent, while Shenzhen SE Component Index closed at 10,463.05, up 76.50 points, or 0.74 per cent.

Hong Kong’s Hang Seng Index closed at 24,300.33, up 329.96 points, or 1.38 per cent.

South Korea’s KOSPI Index closed at 1,836.21, up 29.07 points, or 1.61 per cent.

Taiwan’s TAIEX Index closed at 10,119.43, down 18.04 points, or 0.18 per cent.

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