Wednesday, July 08, 2020

SET rises despite renewed US-China tensions, shaky political situation in Thailand

Jun 02. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index rose 21.81 points or 1.61 per cent, closing at 1,374.18 today (June 2).

Total transactions amounted to Bt70.987 billion with an index high of 1,374.29 and a low of 1,357.23.

During the morning session, a stock analyst at Krungsri Securities said he expected the index to fluctuate between 1,345 and 1,365 points due to uncertainty over renewed tensions after China suspended imports of soybean in response to United States’ threat to terminate trade ties with Hong Kong.

“Thailand’s political situation and tight SET valuation will also pressure the index,” the analyst predicted, citing the fact that 18 members of the core coalition party Palang Pracharat’s board members had officially resigned on Monday.

He added that energy and petroleum stocks continued to gain from positive sentiment over rising crude oil, as investors expect the economy to recover after several countries have eased their lockdown measures.

The top 10 stocks with the highest trade value today were AOT, KTC, KBANK, PTT, GULF, BBL, PTTEP, GPSC, PTTGC and BGRIM.

As of 4.30pm, crude oil price rose by US$0.90 or 2.54 per cent to $36.34 per barrel, while gold rose by $0.60 or 0.03 per cent to $1,750.90 per ounce.

The global indices were on the rise:

Japan’s Nikkei Index closed at 22,325.61, up 263.22 points, or 1.19 per cent.

China’s Shanghai SE Composite Index closed at 2,921.40, up 5.97 points, or 0.20 per cent, while Shenzhen SE Component Index closed at 11,112.50, up 10.35 points, or 0.093 per cent.

Hong Kong’s Hang Seng Index closed at 23,995.94, up 263.42 points, or 1.11 per cent.

South Korea’s KOSPI Index closed at 2,087.19, up 22.11 points, or 1.07 per cent.

Taiwan’s TAIEX Index closed at 11,127.93, up 48.91 points, or 0.44 per cent.

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