Monday, September 28, 2020

SET dips as US govt squabbles over $1-trillion stimulus package

Jul 29. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,338.35 today (July 29), down 2.57 points or 0.19 per cent, while total transactions stood at Bt56.111 billion with an index high of 1,349.91 and a low of 1,337.03.

In the morning session, a stock analyst with Krungsri Securities said he expected the index to fall to between 1,325 and 1,330 points before rebounding due to the conflicts between the US Democrats and Republicans over the US$1-trillion economic stimulus.

“Uncertainty over the rising number of new Covid-19 cases in the US – which rose by 60,000 in just one day – will pressure investment,” he said. “However, the index will rebound from mass purchases of stocks whose second-quarter performance is expected to improve.”

The analyst also advised investors to monitor the US Federal Open Market Committee meeting today and tomorrow to see if it will maintain the interest rate at 0 to 0.25 per cent.

The top 10 stocks with the highest trade value today were KBANK, KCE, GULF, CBG, CPALL, IVL, OSP, STGT, BBL, and AOT.

As of 4.30pm, the price of crude oil rose by $0.43 or 1.05 per cent to $41.47 per barrel, while gold rose by $7.50 or 0.39 per cent, to $1,952.10 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 22,397.11, down 260.27 points, or 1.15 per cent.

China’s Shanghai SE Composite Index closed at 3,294.55, up 66.59 points, or 2.06 per cent, while Shenzhen SE Component Index closed at 13,557.44, up 410.09 points, or 3.12 per cent.

Hong Kong’s Hang Seng Index closed at 24,883.14, up 110.38 points, or 0.45 per cent.

South Korea’s KOSPI Index closed at 2,263.16, up 6.17 points, or 0.27 per cent.

Taiwan’s TAIEX Index closed at 12,540.97, down 45.76 points, or 0.36 per cent.

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