Discovery of treatment for Covid-19 shores up markets

The total volume of transactions was Bt79.146 billion with an index high of 1,301.66 and a low of 1,292.97.
A stock analyst at Krungsri Securities believes the index will fluctuate between 1,270 and 1,300.
He said the market was propped up by hopes of a US economic recovery after pharmaceutical giant Gilead Sciences found Remdesivir to be effective against Covid-19. 
“Also, the Federal Reserve announced it will maintain interest at 0 to 0.25 percent and that it will use all financial tools possible to help the economy recover as soon as possible,” the analyst said. “Moreover, the price of crude oil rebounded after the US oil stores rose slightly.” 
He went on to say that investors will sell stocks in retail, tourism and hotel businesses now that the government has extended the state of emergency by another month, which has resulted in provinces not being able to ease their lockdown measures. 
“A mass sell-off to reduce risks before May’s long holidays will make the index plunge,” the analyst said. 
The top 10 stocks with the highest trade value today were BAM, PTT, PTTEP, CPALL, AOT, KBANK, KCE, SCB, GULF and CPF.
As of 5pm, the price of crude oil rose by US$2.40 or 15.94 percent to $17.46 per barrel, while gold rose by $17 or 0.99 percent, to $1,730.40 per ounce.
Meanwhile, most European indices were on the slide, while Asian indices were on the rise:
Japan’s Nikkei Index closed at 20,193.69, up 422.50 points, or 2.14 percent.
China’s Shanghai SE Composite Index closed at 2,860.08, up 37.64 points, or 1.33 percent, while Shenzhen SE Component Index closed at 10,721.78, up 207.61 points, or 1.97 percent.
Taiwan’s TAIEX Index closed at 10,992.14, up 219.92 points, or 2.04 percent.