Thursday, October 01, 2020

SET flat as investors mull fresh US-China tensions, Covid surge

Jul 23. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,359.65 today (July 23), up 2.61 points or 0.19 per cent. Total transactions amounted to Bt70.233 billion with an index high of 1,363.90 and a low of 1,348.92.

In the morning session, a stock analyst at Krungsri Securities expected the index to fluctuate between 1,350 and 1,365 due to lack of new positive sentiments to stimulate investment.

"The index will be under pressure from US-China tensions after the US ordered China to close its consulate in Houston within 72 hours to protect American intellectual property, while China will close the US consulate in Wuhan in retaliation," the analyst said.

"Also pressuring the index is the increasing number of new Covid-19 cases, especially in the US where there are about 70,000 new infections per day."

The analyst added that the index would rebound due to mass buy-ups of stocks in companies whose second-quarter performance will improve.

The 10 stocks with the highest trade value today were GULF, STA, CPALL, CPF, BGRIM, PTT, PTTEP, KBANK, AOT and SAWAD.

As of 4.30pm, the price of crude oil rose by US$0.39 or 0.93 per cent to $42.29 per barrel, while gold rose by $16.70 or 0.90 per cent, to $1,881.80 per ounce.

Other Asian indices were mixed:

China’s Shang Hai SE Composite Index closed at 3,325.11, down 6.75 points, or 0.20 per cent, while the Shenzhen SE Component Index closed at 13,661.50, up 4.47 points, or 0.033 per cent.

Hong Kong’s Hang Seng Index closed at 25,263, up 205.06 points, or 0.82 per cent.

South Korea’s KOSPI Index closed at 2,216.19, down 12.47 points, or 0.56 per cent.

Taiwan’s TAIEX Index closed at 12,413.04, down 60.23 points, or 0.48 per cent.

Japan’s Nikkei Index was closed for the four-day holiday weekend.

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