SET edges up on US-China trade hopes

Total transactions amounted to Bt59.394 billion with an index high of 1,301.88 and a low of 1,283.87.
A stock analyst at Krungsri Securities expected the index to fluctuate between 1,275 and 1,300 points.
The market gained positive sentiment from hopes that phase one of a US-China trade agreement would go ahead and the Thai government would ease more lockdown restrictions this week.
“In addition, Saudi Arabia will cut its oil production capacity by another one million barrels per day by June this year,” the analyst pointed out. The production cut should help boost oil prices.
However, he said a sharp rise in uncertainty over a possible second wave of Covid-19 infections in China, South Korea and Germany could see the index plunge.
“The index will also come under pressure, as investors expect companies’ first quarter performances to slump both quarter-on-quarter and year-on-year,” he added.
The 10 stocks with the highest trade values today were PTT, ADVANC, BAM, GPSC, CPALL, IVL, CPF, GULF, BANPU and AOT.
As of 5pm, the crude oil price had risen by US$0.73 or 3.02 percent to $24.87 per barrel, while gold was up $10.30 or 0.61 percent to $1,708.30 per ounce.
Meanwhile, Asian indices had a mixed day:
Japan’s Nikkei Index closed at 20,366.48, down 24.18, or 0.12 percent.
China’s Shanghai SE Composite Index closed at 2,891.56, down 3.25 points, or 0.11 percent, while Shenzhen SE Component Index closed at 11,015.56, up 46.28 points, or 0.42 percent.
Hong Kong’s Hang Seng Index closed at 24,245.68, down 356.38 points, or 1.45 percent.
South Korea’s KOSPI Index closed at 1,922.17, down 13.23 points, or 0.68 percent.
Taiwan’s TAIEX Index closed at 10,879.47, down 133.79 points, or 1.21 percent.