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Warning of Covid-19 risks from US Fed Reserve brings down SET, global indices

May 14. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,280.40 today (May 14), down 14.15 points or 1.09 per cent.

The value of total transactions stood at Bt46.654 billion with an index high of 1,290.24 and a low of 1,275.85.

A stock analyst predicted that the index would fall between 1,280 and 1,285 as global indices have slumped after the US Federal Reserve chairman warned that the US economy will face unprecedented risks from the Covid-19 pandemic and uncertainty over a second wave of infections.

“In addition, mass sell-off during the final lap of the first-quarter performance announcement will pressure the investment direction,” the stock analyst said.

“However, the index should rebound from hopes of the Centre for Covid-19 Situation Administration easing more lockdown measures since the number of new Covid-19 cases has significantly dropped.”

The top 10 stocks with the highest trade value today were CPALL, BAM, CPF, PTT, AOT, ADVANC, GULF, KTB, GPSC and MINT.

As of 4.30pm, the price of crude oil rose by US$0.86 or 3.40 per cent to $26.15 per barrel, while gold rose by $7.60 or 0.44 per cent, to $1,724 per ounce.

Meanwhile, Asian indices were on a slide:

Japan’s Nikkei Index closed at 19,914.78, down 352.27 points, or 1.74 per cent.

China’s Shang Hai SE Composite Index closed at 2,870.34, down 27.71 points, or 0.96 per cent, while Shenzhen SE Component Index closed at 10,962.15, down 112.45 points, or 1.02 per cent.

Hong Kong’s Hang Seng Index closed at 23,829.74, down 350.56 points, or 1.45 per cent.

South Korea’s KOSPI Index closed at 1,924.96, down 15.46 points, or 0.80 per cent.

Taiwan’s TAIEX Index closed at 10,780.88, down 157.39 points, or 1.44 per cent.

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