Renewed US-China tension makes SET plunge nearly 2%

The volume of total transactions was Bt51.384 billion with an index high of 1,289.09 and a low of 1,278.50.
An analyst at Krungsri Securities expects the index to fall between 1,270 and 1,280 points before rebounding due to tensions between the US and China.
“The global economy will be under pressure now that the US has indicated that it wants to punish China for the spread of Covid-19 by imposing new tariffs on imported goods,” the analyst said. He added that the index will rebound from the rising price of crude oil after Opec+ began to cut its production capacity by 9.7 million barrels per day, while the number of functioning oil rigs in the US dropped to 325.
“The drop in the number of new Covid-19 cases in the Thailand and the move to ease restrictions will also boost investors’ confidence,” the analyst said.
The top 10 stocks with the highest trade value today were PTT, BAM, CPALL, PTTEP, AOT, KCE, KBANK, GULF, BBL and IVL.
As of 5pm, the price of crude oil rose by US$2.02 or 9.91 percent to $22.41 per barrel, while gold dropped by $9.50 or 0.55 percent, to $1,703.80 per ounce.
Meanwhile, Hong Kong’s Hang Seng Index closed at 23,868.66, up 254.86 points, or 1.08 percent, while Taiwan’s TAIEX Index closed at 10,744.61, up 54.13 points, or 0.50 percent.