Thursday, August 13, 2020

Worries over US-China conflict pulls down SET after positive morning session

Jul 13. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index fell 8.13 points or 0.60 per cent to close at 1,342.37 today (July 13), with total transactions standing at Bt62.374 billion with an index high of 1,363.82 and a low of 1,339.69.

During the morning session, a stock analyst at Krungsri Securities said he expected the index to rebound between 1,360 and 1,365 points before falling in response to positive news about an anti-Covid-19 drug even as the number of virus cases continue to rise, especially in the US.

“The market gained positive sentiment from the announcement that Gilead’s Remdesivir can reduce the death rate of Covid-19 patients by 62 per cent compared to standard treatments,” the analyst pointed out.

However, he said the index will come under pressure from the US-China conflict and the mass sell-off of stocks from firms whose second-quarter performance has dropped sharply.

The analyst also said the Opec+ will meet on Wednesday to consider an agreement on reducing the production of crude oil as of the end of this month.

The top 10 stocks with the highest trade value today were CPF, STGT, STA, PTT, AOT, KCE, IVL, MINT, PTL and CPALL.

As of 4.30pm, the price of crude oil dropped by US$0.68 or 1.68 per cent to $39.87 per barrel, while gold rose by $12.50 or 0.69 per cent, to $1,814.40 per ounce.

Asian indices were on the rise:

Japan’s Nikkei Index closed at 22,784.74, up 493.93 points, or 2.22 per cent.

China’s Shanghai SE Composite Index closed at 3,443.29, up 59.96 points, or 1.77 per cent, while Shenzhen SE Component Index closed at 14,149.14, up 477.90 points, or 3.50 per cent.

Hong Kong’s Hang Seng Index closed at 25,772.12, up 44.71 points, or 0.17 per cent.

South Korea’s KOSPI Index closed at 2,186.06, up 35.81 points, or 1.67 per cent.

Taiwan’s TAIEX Index closed at 12,211.56, up 137.88 points, or 1.14 per cent.

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