Thursday, July 02, 2020

SET rises over hope of recovery as countries ease lockdown measures

Jun 05. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index rose 24.69 points or 1.75 per cent, closing at 1,435.70 today (June 5).

Total transactions stood at Bt120.331 billion with an index high of 1,438.09 and a low of 1,402.77.

During the morning session, an analyst at Krungsri Securities said he expected the index to rise to 1,420, riding on the hope of economic recovery after many countries eased their lockdown measures, before falling. 

“Investors believe the US labour market has seen the worst after the number of Americans seeking unemployment benefits dropped to below 2 million for the first time since mid-March,” the analyst said. 

“The index also gained positive sentiment from the European Central Bank’s additional measure to expand the purchase of its emergency bond-buying programme by 600 billion euros to mitigate the Covid-19 impact.”

He said the SET Index would be under pressure due to signs of “overbuying” and tight valuation.

“We advise investors to follow the Opec+ meeting, which will be held next week to discuss the prospects of keeping oil production low,” the analyst said. 

The top 10 stocks with the highest trade value today were BAM, PTT, PTTEP, ADVANC, SCB, KBANK, PTTGC, CPALL, BBL and MINT.

As of 4.30pm, the price of crude oil rose by US$0.65 or 1.74 per cent to $38.06 per barrel, while gold dropped by $13.40 or 0.78 per cent, to $1,714.00 per ounce.

Asian indices generally rallied:

Japan’s Nikkei Index closed at 22,863.73, up 167.99 points, or 0.74 per cent.

China’s Shanghai SE Composite Index closed at 2,930.80, up 11.55 points, or 0.40 per cent, while Shenzhen SE Component Index closed at 11,180.60, up 41.34 points, or 0.37 per cent.

Hong Kong’s Hang Seng Index closed at 24,770.41, up 404.11 points, or 1.66 per cent.

South Korea’s KOSPI Index closed at 2,181.87, up 30.69 points, or 1.43 per cent.

Taiwan’s TAIEX Index closed at 11,479.40, up 86.17 points, or 0.76 per cent.

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