SET becalmed but headwinds forecast from FTSE move, new-wave contagion

[rooster59]

SET becalmed but headwinds forecast from FTSE move, new-wave contagion

By The Nation

 

 

The Stock Exchange of Thailand (SET) Index closed at 1,370.82 today (June 19), down 2.16 points or 0.16 per cent. Total transaction volume was Bt63.320 billion with an index high of 1,380.02 and a low of 1,368.03.

 

 

In the morning session, a stock analyst at Krungsri Securities expected the index to fluctuate between1,365 and 1,380 thanks to a mix of factors, both positive and negative.

 

“Energy and petroleum stocks gained positive sentiment from the rising crude oil price as Opec+ countries' moved to cut oil production by 9.7 million barrels per day,” the analyst said.

 

But the index would be dragged down by uncertainty following a second wave of 28,000 new Covid-19 infections in the US, along with the FTSE All World index’s move to reduce its weight of Thai stocks from 3.05 per cent to 2.98 per cent, worth Bt3.7 billion, added the analyst.

 

“Meanwhile, profits of commercial banks and non-banking entities may come under pressure after the Bank of Thailand ordered them to cut interest rates they charge for credit cards, personal credit and hire purchase, to help people struggling with debt due to the Covid-19 crisis.”

 

The analyst advised investors to follow the European Council meeting on raising €750 billion for the €1.1-trillion euro-zone stimulus measures.

 

The 10 stocks with the highest trade value today were BAM, PTTEP, CPF, KBANK, PTT, MINT, ADVANC, CPALL, KTC, and BBL.

 

As of 4.30pm, the price of crude oil rose by US$1.29 or 3.32 per cent to $40.13 per barrel, while the gold price rose by $5.70 or 0.33 per cent, to $1,736.80 per ounce.

 

Changes in other Asian indices were as follows:

 

Japan’s Nikkei Index closed at 22,478.79, up 123.33 points, or 0.55 per cent.

 

China’s Shang Hai SE Composite Index closed at 2,967.63, up 28.32 points, or 0.96 per cent, while Shenzhen SE Component Index closed at 11,668.13, up 173.58 points, or 1.51 per cent.

 

Hong Kong’s Hang Seng Index closed at 24,643.89, up 178.95 points, or 0.73 per cent.

 

South Korea’s KOSPI Index closed at 2,141.32, up 7.84 points, or 0.37 per cent.

 

Taiwan’s TAIEX Index closed at 11,549.86, up 1.53 points, or 0.013 per cent.

 

Source: https://www.nationthailand.com/business/30389941

 

-- © Copyright The Nation Thailand 2020-06-20

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates