SET rebounds after US launches stimulus measure, though fears of second-Covid wave still cloud horizon

A stock analyst at Krungsri Securities said during the morning session that he expected the index to rebound between 1,360 and 1,365 points before falling in response to the US Congress’s approval of a US$1 trillion (Bt30.94 trillion) bill for infrastructure development in a move to boost economic recovery.
“Energy and petroleum stocks also won positive sentiment from rising price of crude oil, which rose to more than $40 per barrel,” the analyst said.
However, he said, bank stocks were under pressure after the Bank of Thailand ordered commercial banks to conduct stress tests on their capital management by next month.
“The index will also come under pressure following uncertainty amid a second wave of Covid-19 in Brazil, the US and India,” he noted.
The top 10 stocks with the highest trade value today were KBANK, CPF, STA, BBL, MINT, PTTEP, CPALL, SAWAD, AOT and SCB.
As of 4.30pm, the price of crude oil rose by $0.24 or 0.59 per cent to $40.97 per barrel, while gold rose by $4.80 or 0.27 per cent, to $1,771.20 per ounce.
Asian indices rose as follows:
Japan’s Nikkei Index closed at 22,549.05, up 111.78 points, or 0.50 per cent.
China’s Shanghai SE Composite Index closed at 2,970.62, up 5.35 points, or 0.18 per cent, while Shenzhen SE Component Index closed at 11,794.01, up 91.57 points, or 0.78 per cent.
Hong Kong’s Hang Seng Index closed at 24,907.34, up 396.00 points, or 1.62 per cent.
South Korea’s KOSPI Index closed at 2,131.24, up 4.51 points, or 0.21 per cent.
Taiwan’s TAIEX Index closed at 11,612.36, up 39.43 points, or 0.34 per cent.