SET pulled down by gloomy US forecast, expected Thai political unrest
The Stock Exchange of Thailand (SET) Index closed at 1,284.40 today (September 17), down 9.08 points or 0.70 per cent. The volume of total transactions was Bt46 billion with an index high of 1,292.42 and a low of 1,280.11.
During the morning session, an analyst at Krungsri Securities said he expected the index to fluctuate between 1,285 and 1,300 points.
The index gained positive sentiment from the US Federal Reserve’s move to maintain the interest rate at 0-0.25 per cent until 2023 and boost its gross domestic product forecast from minus 6.5 per cent to minus 3.7 per cent.
The price of oil rose more than 4 per cent as US oil stocks dropped by 4.4 million barrels, far more than the 1.8 million barrels expected by the market, while Hurricane Sally brought US oil production in the Gulf of Mexico down by as much as 27.5 per cent.
However, the analyst said the US Fed’s gloomy long-term economic forecast and the student-led political rally scheduled for Saturday (September 19) in Thailand will pressure the index.
The top 10 stocks with the highest trade value today were TASCO, KBANK, AOT, KCE, PTT, STGT, ADVANC, BBL, DELTA and MINT.
As of 4.30pm, the price of oil had dropped by US$0.25 or 0.62 per cent to $39.91 per barrel, while gold dropped by $25.20 or 1.28 per cent, to $1,945.30 per ounce.
Other Asian indices were mixed:
Japan’s Nikkei Index closed at 23,319.37, down 156.16 points or 0.67 per cent.
China’s Shanghai SE Composite Index closed at 3,270.44, down 13.49 points or 0.41 per cent, while Shenzhen SE Component Index closed at 13,015.19, up 3.91 points or 0.030 per cent.
Hong Kong’s Hang Seng Index closed at 24,340.85, down 384.78 points or 1.56 per cent.
South Korea’s KOSPI Index closed at 2,406.17, down 29.75 points or 1.22 per cent.
Taiwan’s TAIEX Index closed at 12,872.74, down 104.02 points or 0.80 per cent.
