SET plunges after second-wave of Covid-19 infections hits several countries

[rooster59]

SET plunges after second-wave of Covid-19 infections hits several countries

By The Nation

 

 

The Stock Exchange of Thailand (SET) Index fell 14.21 points or 1.02 per cent, closing at 1,382.56 today (June 12). Total transactions amounted to Bt85.786 billion with an index high of 1,386.22 and a low of 1,353.51.

 

 

During the morning session, a stock analyst from Krungsri Securities said he expected the index to fall to between 1,350 and 1,365 due to uncertainty caused by a second wave of Covid-19 infections after several countries eased lockdown measures.

 

“Investors are also worried about the US economy after the US Federal Reserve forecast that the country’s gross domestic product this year would contract by 6.5 per cent and the unemployment rate would be 9.3 per cent,” the analyst said.

 

“In addition, energy stocks came under pressure after the price of crude oil dropped sharply due to uncertainty following a drop in demand for petrol with expectations of a second wave of Covid-19 emerging.”

 

The top 10 stocks with the highest trade value today were SUPER, BAM, PTT, MINT, CPF, PTTEP, AOT, STA, PTTGC and KBANK.

 

As of 4.30pm, the price of crude oil rose by US$0.07 or 0.19 per cent to $36.41 per barrel, while gold rose by $2.70 or 0.16 per cent, to $1,742.50 per ounce.

 

Asian indices mostly fell:

 

Japan’s Nikkei Index closed at 22,305.48, down 167.43 points, or 0.75 per cent.

 

China’s Shanghai SE Composite Index closed at 2,919.74, down 1.16 points, or 0.040 per cent, while Shenzhen SE Component Index closed at 11,251.71, up 8.09 points, or 0.072 per cent.

 

Hong Kong’s Hang Seng Index closed at 24,301.38, down 178.77 points, or 0.73 per cent.

 

South Korea’s KOSPI Index closed at 2,132.30, down 44.48 points, or 2.04 per cent.

 

 

Taiwan’s TAIEX Index closed at 11,429.94, down 105.83 points, or 0.92 per cent.

 

Source: https://www.nationthailand.com/business/30389534

 

-- © Copyright The Nation Thailand 2020-06-13

 

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[ukrules]

19 minutes ago, rooster59 said:

due to uncertainty caused by a second wave of Covid-19 infections after several countries eased lockdown measures.

Utter rubbish, which countries?

 

[Trillian]

The S&P fell 200 points on news of a second wave and that seemed to spark contagion, UK, Europe and Asia followed suit.

 

https://www.cnbc.com/quotes/?symbol=.SPX

Edited June 12, 2020 by Trillian

[Airalee]

11 minutes ago, Trillian said:

The S&P fell 200 points on news of a second wave and that seemed to spark contagion, UK, Europe and Asia followed suit.

 

https://www.cnbc.com/quotes/?symbol=.SPX

“Here’s why the U.S. stock market plunged on Thursday: Too many bulls.

You’ll hear other explanations, such as the risk of a second wave of COVID-19 infections and the Fed’s grim outlook for the U.S. economy. But such factors can’t really explain why the Dow Jones Industrial Average DJIA, +1.90% lost 6.9% and the S&P 500 SPX, +1.30% fell 5.9% on Thursday. 

After all, new COVID-19 cases have been disturbingly high for several weeks; the number reported on Thursday was not significantly different than any other day of recent weeks.”

https://www.marketwatch.com/story/the-real-reason-for-the-stock-markets-7-plunge-shouldnt-surprise-you-and-it-happens-every-time-2020-06-11

 

[mr mr]

the 2nd wave will make the new normal look like a socially distant memory

[Trillian]

I suspect it may have been a combination of reasons and not one single factor:

 

“This market rebounded so far, so fast — as if all the issues related to the pandemic were behind us,” wrote Doug Rivelli, president of institutional brokerage firm Abel Noser in New York. “So any data to counter that view was bound to hit the markets.”

 

https://www.nytimes.com/2020/06/11/business/stock-market-tracker-coronavirus.html

[sungod]

1% is hardly a plunge

[Bender Rodriguez]

casino for most,  big earnings for inside traders

[nauseus]

6 hours ago, sungod said:

1% is hardly a plunge

Yes. A silly headline. SET has actually been doing quite well recently.