Friday, April 03, 2020

SET Index slides during the week, under pressure from worsening Covid-19 situation

Feb 29. 2020
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The Stock Exchange of Thailand (SET) Index closed on Friday (February 28) at 1,340.52 points, losing 54.56 points or 3.91 per cent, from Thursday’s close, with total trade value of Bt86.2 billion.

During the week, the index dropped around 160 points from 1,495.09 points at the close of the previous week.

Phillip Securities said that the SET has been pressured continually by concerns about the Covid-19 situation, with the number of infected persons increasing around the world.

Recently, there was a report from Japan that a person was infected a second time with Covid-19 after having recovered once. That report caused the Japanese stock market to drop 4.21 per cent on Friday morning.

Meanwhile, a US pharmaceutical company said it would test a new medicine on Asian patients next month.

During the week the price of gold reached the highest point of $1,688 per ounce and Bt25,300 per baht weight, before dropping to $1,636 per ounce and Bt24,500 per baht weight on Friday.

YLG Bullion and Futures advised investors to buy gold at $1,616 per ounce if they can bear high risk. However, for those who cannot bear high risk, the company suggested that they buy at $1,603 per ounce.

Investors should make a profit at $1,650 per ounce of resistance, it said. If the price does not pass this resistance, there would be selling power, lowering the price to the support again.

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