Friday, July 03, 2020

SET dips as oil slides

May 28. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,337.51 today (May 28), down 7.60 points or 0.56 per cent. Total transaction volume was Bt85.882 billion with an index high of 1,358.60 and a low of 1,337.50.

A stock analyst at Krungsri Securities expected the index to rise to between 1,355 and 1,360 on hopes of economic recovery after countries across the globe began easing their coronavirus lockdowns and issuing economic stimulus measures.

“The European Union recently raised a fund of 750 billion euros to help its economy recover,” the analyst noted.

“In addition, the market was buoyed by the Thai Centre for Covid-19 Situation Administration's preparations for the third phase of lockdown easing, set to begin this week.” 

However, the index would come under pressure from mass sell-offs of energy stocks and a tight SET valuation.

“The price of crude oil dropped amid uncertainty following the decline in demand due to the trade conflict between the US and China,” the analyst said.

The 10 stocks with the highest trade value today were BAM, BBL, KBANK, PTT, AOT, STA, SCB, CPALL, MINT and GULF.

As of 4.30pm, the price of crude oil dropped by US$0.30 or 0.91 per cent to $32.51 per barrel, while gold price rose by $10.60 or 0.61 per cent, to $1,737.40 per ounce.

European indices were on the rise, while US and Asian indices had a mixed day.

Japan’s Nikkei Index closed at 21,916.31, up 497.08 points, or 2.32 per cent.

China’s Shang Hai SE Composite Index closed at 2,846.22, up 9.42 points, or 0.33 per cent, while Shenzhen SE Component Index closed at 10,653.49, down 29.21 points, or 0.27 per cent.

Hong Kong’s Hang Seng Index closed at 23,132.76, down 168.60 points, or 0.72 per cent.

South Korea’s KOSPI Index closed at 2,028.54, down 2.66 points, or 0.13 per cent.

Taiwan’s TAIEX Index closed at 10,944.19, down 70.47 points, or 0.64 per cent.

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