SET slides on falling oil, sell-offs ahead of holiday

In the morning session, an analyst at Krungsri Securities expected the index to rise to between 1,323 and 1,330 points in response to new domestic economic stimulus and hopes of US Covid-19 relief measures, before falling back. The new Thai stimulus measure will offer a 50 per cent subsidy on products purchased from participating retailers and street vendors, at no more than Bt3,000 per person.

However, the analyst said the index will come under pressure from the falling oil price and mass stock sell-offs to reduce risks before the upcoming four-day holiday.

The 10 stocks with the highest trade value today were STGT, AOT, MINT, BAM, CPALL, PTT, NER, SCC, PTTEP and KBANK.

As of 4.50pm, the price of oil dropped by US$0.59 or 1.42 per cent to $40.92 per barrel, while gold dropped by $4.70 or 0.24 per cent, to $1,940 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 23,465.53, up 218.38 points or 0.94 per cent.

China’s Shang Hai SE Composite Index closed at 3,384.98, down 19.82 points or 0.58 per cent, while the Shenzhen SE Component Index closed at 13,772.37, down 115.05 points or 0.83 per cent.

Hong Kong’s Hang Seng Index closed at 25,007.60, down 112.49 points or 0.45 per cent.

South Korea’s KOSPI Index closed at 2,395.90, up 31.53 points or 1.33 per cent.

Taiwan’s TAIEX Index closed at 12,757.97, up 58.47 points or 0.46 per cent.