Saturday, August 08, 2020

SET buoyed by hope of V-shaped economic recovery

Jul 07. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index rose 0.95 points or 0.07 per cent to close at 1,373.22 today (July 7), with transactions totalling at Bt81.868 billion with an index high of 1,391.77 and a low of 1,373.20.

During the morning session, a stock analyst at Krungsri Securities said he expected the index to rise 1,385 and 1,400 points on the back of hopes that economic recovery will take a V-shape now that many countries are easing their lockdown measures.

“The market gained positive sentiment after learning that the US services index rose to 57.1 in June, while retail sales in the Euro zone rose 17.8 month-on-month in May and the China purchasing managers’ index rose to 58.4 in June,” the analyst said.

“However, we advise investors to beware of market volatility as Covid-19 cases continue rising in the US, causing some states to put off moves to ease lockdown measures,” he added.

The top 10 stocks with the highest trade value today were STGT, PTT, EA, STA, SUPER, GPSC, CPALL, AOT, GULF and BAM.

As of 4.30pm, the price of crude oil dropped by US$0.58 or 1.43 per cent to $40.05 per barrel, while gold dropped by $8.60 or 0.48 per cent, to $1,784.90 per ounce.

Changes in Asian indices were mixed:

Japan’s Nikkei Index closed at 22,614.69, down 99.75 points, or 0.44 per cent.

China’s Shanghai SE Composite Index closed at 3,345.34, up 12.46 points, or 0.37 per cent, while Shenzhen SE Component Index closed at 13,163.98, up 222.26 points, or 1.72 per cent.

Hong Kong’s Hang Seng Index closed at 25,975.66, down 363.50 points, or 1.38 per cent.

South Korea’s KOSPI Index closed at 2,164.17, down 23.76 points, or 1.09 per cent.

Taiwan’s TAIEX Index closed at 12,092.97, down 23.73 points, or 0.20 per cent.

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