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SET Index rises more than 3%, buoyed by anti-Covid drug

The Stock Exchange of Thailand (SET) Index closed at 1,239.24 today (April 17), up 39.09 points or 3.26 per cent.

Total transactions amounted to Bt58.989 billion with an index high of 1,239.52 and a low of 1,218.57.
A stock analyst at Krungsri Securities expected the index to rebound at the resistance level between 1,230 and 1,240 as regional stocks rose sharply by 2 to 3 per cent.
“The market has responded to news that Remdesivir, an antiviral drug, is being used to help Covid-19 patients gain full recovery,” the stock analyst said.
“This supports US President Donald Trump’s guidelines for reopening some US states before the deadline on May 1, resulting in positive economic sentiment.”
The analyst also expected many governments in Europe to ease their lockdown measures as the daily death toll from the Covid-19 virus in Spain and Italy had dropped.
“However, investors should beware of mass sell-offs as the index will be under pressure from uncertainty following declines in companies’ performance when this year’s first-quarter financial statements are released,” the stock analyst added.
“We advise investors to monitor ICT stocks as the National Broadcasting and Telecommunications Commission is preparing to conclude discussions with mobile phone operators on reducing customers' fees by 10-30 per cent to alleviate people’s burden during the Covid-19 situation.”
The 10 stocks with the highest trade values today were PTT, BAM, AOT, ADVANC, CPALL, PTTEP, GULF, JAS, KBANK, and MINT.
As of 5pm, the crude oil price had dropped by US$1.52 or 7.65 per cent to $18.35 per barrel, while gold had fallen by $24.60 or 1.42 per cent to $1,707.10 per ounce.
Meanwhile, regional stocks were on the rise:
Japan’s Nikkei Index closed at 19,897.26, up 607.06 points, or 3.15 per cent.
China’s Shanghai SE Composite Index closed at 2,838.49, up 18.56 points, or 0.66 per cent, while Shenzhen SE Component Index closed at 10,527.99, up 57.20 points, or 0.55 per cent.
Hong Kong’s Hang Seng Index closed at 24,380.00, up 373.55 points, or 1.56 per cent.
South Korea’s KOSPI Index closed at 1,914.53, up 57.46 points, or 3.09 per cent.
Taiwan’s TAIEX Index closed at 10,597.04, up 221.56 points, or 2.14 per cent.

Published : April 17, 2020

By : The Nation