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SET down more than 1% as US-China tensions hit global stocks

Jul 24. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,340.92 today (July 24), down 18.73 points or 1.38 per cent. Total transactions amounted to Bt46.529 billion with an index high of 1,350.93 and a low of 1,337.21.

The SET and stock markets around the world fell instantly after China ordered the US to close its consulate in Chengdu in retaliation for the US shutting down the Chinese consulate in Houston.

In the morning session, a Krungsri Securities stock analyst expected the index to fall to between 1,350 and 1,355 before rebounding.

“Despite the US easing its lockdown restrictions, unemployment claims in the country have risen to 1.4 million, up more than a million over 18 weeks of consecutive rises,” he said.

“Meanwhile, investors have sold off their stocks to reduce risks before the four-day holiday due to uncertainty as the US economy continues to slowdown and the number of Covid-19 cases there continues rising.”

However, the analyst said the index should rebound due to mass buy-ups of stocks in companies showing improved second quarter performance, and on hopes that the US will issue economic stimulus measures worth $1 trillion.

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

As of 4.30pm, the price of crude oil rose by US$0.38 or 0.93 per cent to $41.45 per barrel, while gold rose by $3.40 or 0.18 per cent, to $1,893.40 per ounce.

Other Asian indices were on the fall:

China’s Shang Hai SE Composite Index closed at 3,196.77, down 128.34 points, or 3.86 per cent, while the Shenzhen SE Component Index closed at 12,935.70, down 725.80 points, or 5.31 per cent.

Hong Kong’s Hang Seng Index closed at 24,705.33, down 557.67 points, or 2.21 per cent.

South Korea’s KOSPI Index closed at 2,200.44, down 15.75 points, or 0.71 per cent.

Taiwan’s TAIEX Index closed at 12,304.04, down 109 points, or 0.88 per cent.

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

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