SET energy stocks slide as oil drops below $20/barrel

This pressured the Stock Exchange of Thailand (SET) Index to close at 1,200.15, down 35.95 or 2.91 per cent, with total transactions of Bt59.613 billion.
The following energy stocks fell:
● PTT Global Chemical (PTTGC) dropped by Bt3.25 or 8.33 per cent to Bt35.75 per share with trading value of Bt1.349 million.
● Bangchak Corporation (BCP) dropped by Bt1.30 or 6.67 per cent to Bt18.20 per share with trading value of Bt58,454.
● PTT dropped by Bt2.25 or 6.34 per cent to Bt33.25 per share with trading value of Bt4.408 million.
● PTT Exploration and Production (PTTEP) dropped by Bt4.25 or 5.43 per cent to Bt74 per share with trading value of Bt2.02 million.
● Thai Oil (TOP) dropped by Bt2.25 or 5.77 per cent to Bt36.75 per share with trading value of Bt680,154.
● Esso (Thailand) (ESSO) dropped by Bt0.15 or 2.83 per cent to Bt5.15 per share with trading value of Bt75,818.
Mongkol Puangpetra, KTB Securities (Thailand)’s head of research, said the decline in oil stocks was due to the falling crude oil price amid concern in global markets that the Covid-19 outbreak would reduce demand.
“The market was also pressured by news that, after 12 consecutive weeks of rising US crude oil stocks that saw prices rise more than 20-30 per cent, investors were now selling energy and oil stocks.”
He advised investors to avoid energy and oil stocks for a while as the oil price may drop further given that global demand in April fell by over 20 million barrels per day.
“The prolonged Covid-19 situation might cause the global oil price to drop further than the expected 101 million barrels per day,” he added.