Thursday, April 15, 2021

SET slides after rising continuously over past four weeks

Jun 09. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index fell 30.29 points or 2.11 per cent, closing at 1,408.37 today (June 9). The value of total transactions stood at Bt115.559 billion with an index high of 1,448.13 and a low of 1,400.87.

In the morning session, an analyst from Krungsri Securities said he expected the index to fluctuate between 1,425 and 1,450 points, thanks to positive sentiments from the rise in US stock markets.

“US stock markets rose amid hopes for an economic recovery after lockdown restrictions have been eased, while the country’s non-farm employment rose by 2.5 million,” the analyst said.

However, he said, energy and petroleum stocks will be under pressure from a drop in the price of crude oil after Saudi Arabia aimed to increase oil production in July to comply with its production quota.

“We expect investors to hold off on trading to follow the US Federal Open Market Committee meeting on June 9 and 10,” he said.

“The SET, meanwhile, will be under pressure from tight valuation as the index’s price-to-earnings ratio is more than 20 times.”

As of 3.43pm today, SET Index dropped sharply by 34.18 points or 2.38 per cent to 1,404.48 in response to the 270-point drop in Dow Jones Index owing to the lack of positive sentiment and high index valuation.

Therdsak Thaveeteeratham, senior vice president at Asia Plus Securities, expects investors who have bought stocks in March to sell off because the index has risen by about 48 per cent from its lowest point this year.

The top 10 stocks with the highest trade value today were MINT, BAM, PTT, PTTEP, CPALL, GPSC, KBANK, SCB, BGRIM and CPF.

As of 4.30pm, the price of crude oil dropped by $0.94 or 2.46 per cent to $37.25 per barrel, while gold rose by $10.60 or 0.62 per cent, to $1,715.70 per ounce.

Changes in Asian indices were as follows:

Japan’s Nikkei Index closed at 23,091.03, down 87.07 points, or 0.38 per cent.

China’s Shanghai SE Composite Index closed at 2,956.11, up 18.34 points, or 0.62 per cent, while Shenzhen SE Component Index closed at 11,284.24, up 68.48 points, or 0.61 per cent.

Hong Kong’s Hang Seng Index closed at 25,057.22, up 280.45 points, or 1.13 per cent.

South Korea’s KOSPI Index closed at 2,188.92, up 4.63 points, or 0.21 per cent.

Taiwan’s TAIEX Index closed at 11,637.11, up 26.79 points, or 0.23 per cent.

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