Tuesday, September 22, 2020

SET dips despite positive news of US stimulus package, rising oil price

Aug 06. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index fell 4.13 points or 0.31 per cent, closing at 1,333.22 today (August 6) despite positive signs about the massive US stimulus package and rising price of crude oil. Total transactions tallied at Bt55.061 billion with an index high of 1,346.49 and a low of 1,333.18.

In the morning, a Krungsri Securities stock analyst said he expected the index to rise between 1,345 and 1,350 points before falling despite positive news that the US Congress and White House may reach an agreement on the $1-trillion economic stimulus package by next week.

“The market also gained positive sentiment from the rising price of crude oil, which rose above $42 per barrel after US crude oil stocks dropped by 7.4 million barrels,” the analyst said

However, he warned the index may slump due to volatility, weak second-quarter company performances and mass sell-offs.

The top 10 stocks with the highest trade value today were PTTGC, BAM, ADVANC, AOT, CPALL, PTT, PTTEP, BDMS, CPF and PTL.

As of 4.30pm, the price of crude oil had dropped by $0.28 or 0.66 per cent to $41.91 per barrel, while gold rose by $13.10 or 0.64 per cent, to $2,062.40 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 22,418.15, down 96.70 points, or 0.43 per cent.

China’s Shanghai SE Composite Index closed at 3,386.46, up 8.90 points, or 0.26 per cent, while Shenzhen SE Component Index closed at 13,863.13, down 97.79 points, or 0.70 per cent.

Hong Kong’s Hang Seng Index closed at 24,930.58, down 171.96 points, or 0.69 per cent.

South Korea’s KOSPI Index closed at 2,342.61, up 30.75 points, or 1.33 per cent.

Taiwan’s TAIEX Index closed at 12,913.50, up 111.20 points, or 0.87 per cent.

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