Friday, July 10, 2020

SET dips below 1,400 points after gloomy Fed prediction

Jun 11. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,396.77 today (June 11), down 22.00 points or 1.55 per cent. Total transactions amounted to Bt82.892 billion with an index high of 1,421.51 and a low of 1,384.68.

In the morning session, a stock analyst at Krungsri Securities expected the index to fall to between 1,400 and 1,410 in response to sliding regional stocks.

“The US Federal Reserve decided to maintain its interest rate at 0-0.25 per cent until the economy recovers,” the analyst said.

“However, investors have begun to worry about the US economic slowdown after the Fed forecast US gross domestic product this year would contract by 6.5 per cent and the unemployment rate would be 9.3 per cent.”

The analyst added that the SET would rebound on expectations that the government will lift the curfew for a 15-day trial period, and begin the fourth phase of lockdown relaxation this week.

The 10 stocks with the highest trade values today were SUPER, BAM, STA, MINT, SCB, AOT, CPF, KBANK, PTT, and PTTEP.

As of 4.30pm, the price of crude oil price had dropped by US$1.39 or 3.51 per cent to $38.21 per barrel, while the gold price rose by $20.90 or 1.21 per cent to $1,741.60 per ounce.

Global indices were on the slide:

Japan’s Nikkei Index closed at 22,472.91, down 652.04 points, or 2.82 per cent.

China’s Shanghai SE Composite Index closed at 2,920.90, down 22.86 points, or 0.78 per cent, while Shenzhen SE Component Index closed at 11,243.62, down 92.25 points, or 0.81 per cent.

Hong Kong’s Hang Seng Index closed at 24,480.15, down 569.58 points, or 2.27 per cent.

South Korea’s KOSPI Index closed at 2,176.78, down 18.91 points, or 0.86 per cent.

Taiwan’s TAIEX Index closed at 11,535.77, down 184.39 points, or 1.57 per cent.

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