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SET soars up almost 1.5% on hopes of US stimulus, vaccine, rising oil

Dec 03. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,438.32 on Thursday, up 20.37 points or 1.44 per cent. Total transactions amounted to Bt82 billion with an index high of 1,439.22 and a low of 1,420.69.

In the morning session, an analyst at Krungsri Securities expected the day’s index to fluctuate between 1,410 and 1,430 points amid hope of a US economic stimulus package, the UK’s approval of Pfizer’s Covid-19 vaccine and the rising oil price.

“However, the SET will face volatility due to a tight valuation as the index’s price-to-earnings ratio [P/E] is 28 times,” said the analyst.

He advised investors to follow the Opec+ meeting, which he predicts will extend the cap on oil production of 7.7 million barrels per day by three to six months.

“The extension will help tackle market oversupply and benefit oil prices and shares related to the oil business,” he added.

The 10 stocks with the highest trade value today were PTT, KBANK, IVL, BAM, PTTEP, CPALL, IRPC, ADVANC, SCC and AOT.

As of 4.30pm, the price of oil rose by US$0.12 or 0.27 per cent to $45.40 per barrel, while gold rose by $12.70 or 0.69 per cent, to $1,842.90 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 26,809.37, up 8.39 points or 0.031 per cent.

China’s Shang Hai SE Composite Index closed at 3,442.14, down 7.24 points or 0.21 per cent, while Shenzhen SE Component Index closed at 13,970.68, up 9.11 points or 0.065 per cent.

Hong Kong's Hang Seng Index closed at 26,728.50, up 195.92 points or 0.74 per cent.

South Korea's KOSPI Index closed at 2,696.22, up 20.32 points or 0.76 per cent.

Taiwan's TAIEX Index closed at 13,977.09, down 12.05 points or 0.086 per cent.

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