Wednesday, June 03, 2020

SET slides over worries of renewed US-China trade tensions 

May 22. 2020
Facebook Twitter

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,303.97 today (May 22), down 16.72 points or 1.27 per cent.

Total transaction volume stood at Bt64.469 billion with an index high of 1,311.54 and a low of 1,286.76.

A Krungsri Securities stock analyst said he expects the index to fluctuate between 1,310 and 1,330, adding that the market initially gained positive sentiment from the rising price of crude oil and the Thai Monetary Policy Committee’s decision to cut key interest rate to stimulate the economy. 

“The price of crude oil rose to over US$33 per barrel after US crude stockpiles dropped by 5 million barrels,” the analyst said.

However, he added, the index will be under pressure over uncertainty about the renewal of US-China trade conflict, a rising number of US citizens claiming unemployment benefits and a tight SET valuation. 

“The US Senate recently passed the Holding Foreign Companies Accountable Act that could bar some Chinese companies from listing on US exchanges. Also, the US reported another 2.44 million citizens claiming unemployment benefits,” the analyst said.

The top 10 stocks with the highest trade value today were STA, BAM, PTT, PTTEP, GULF, AOT, GPSC, PTTGC, CPALL, and IVL.

As of 4.30pm, the price of crude oil dropped by $1.87 or 5.51 per cent to $32.05 per barrel, while gold rose by $14.20 or 0.82 per cent, to $1,736.10 per ounce.

Global indices were also on a slide due to concerns over Hong Kong tensions and slow Covid-19 recovery fears: 

Japan’s Nikkei Index closed at 20,388.16, down 164.15 points, or 0.80 per cent.

China’s Shanghai SE Composite Index closed at 2,827.30, down 40.62 points, or 1.42 per cent, while Shenzhen SE Component Index closed at 10,672.09, down 173.31 points, or 1.60 per cent.

Hong Kong’s Hang Seng Index closed at 22,930.14, down 1,349.89 points, or 5.56 per cent.

South Korea’s KOSPI Index closed at 1,970.13, down 28.18 points, or 1.41 per cent.

Taiwan’s TAIEX Index closed at 10,811.15, down 197.16 points, or 1.79 per cent.

Tags:
Facebook Twitter
More in Business
Editor’s Picks
wmg-logo
Top News
wmg-logo