Monday, August 10, 2020

SET slides as new Covid-19 cases continue rising in US

Jul 10. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index dropped 15.31 points or 1.12 per cent closing at 1,350.50 today (July 10). Transactions, meanwhile, totalled at Bt64.196 billion with an index high of 1,363.28 and a low of 1,346.72.

During the morning session, a Krungsri Securities’ stock analyst said he expected the index to fall between 1,355 and 1,360 before rebounding due to uncertainty over the impact Covid-19 is having on economic recovery as the number of new cases is continuing to rise.

“In the US alone, there are more than 61,000 new Covid-19 cases daily, which has forced some states to impose lockdown measures again,” the analyst said.

“Plus, the SET Index is under pressure from the drop in the price of crude oil and the resignation of four Palang Pracharat Party executives.”

However, the analyst reckoned that the index would rebound from speculation in stocks of companies whose second-quarter performance will benefit from the weakening baht.

The top 10 stocks with the highest trade value today were STGT, AOT, CPALL, PTT, KCE, PTL, STA, PTTEP, EA and PRM.

As of 4.45pm, the price of crude oil dropped by US$0.94 or 2.37 per cent to $38.68 per barrel, while the price of gold rose by $9.10 or 0.50 per cent, to $1,812.90 per ounce.

Other indices in Asia were also on the slide:

Japan’s Nikkei Index closed at 22,290.81, down 238.48 points, or 1.06 per cent.

China’s Shanghai SE Composite Index closed at 3,383.32, down 67.27 points, or 1.95 per cent, while Shenzhen SE Component Index closed at 13,671.24, down 83.50 points, or 0.61 per cent.

Hong Kong’s Hang Seng Index closed at 25,727.41, down 482.75 points, or 1.84 per cent.

South Korea’s KOSPI Index closed at 2,150.25, down 17.65 points, or 0.81 per cent.

Taiwan’s TAIEX Index closed at 12,073.68, down 119.01 points, or 0.98 per cent.

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