Thai Stock Market Roundup April 8, 2020
A short summary to inform investors of what had happened in the Thai stock market on April 8, 2020.
– SET closed at 1,205.77 points, decreased 9.18 points or 0.76% with a trading value of 92.8 billion baht. The analyst stated that the SET Index declined in today’s session which was in line with most regional markets after a two-day rally.
It was common to see a profit-taking after a rally, especially in this situation, said the analyst. However, investors should monitor the development of coronavirus in the U.S. and Europe closely as this week could be their peak of the spread which could slowdown afterward. The ups and downs of confirmed cases in Thailand are also a major factor to keep a close eye on during this period.
A selloff in energy sector, especially PTT Group affected the market greatly. The selloff occurred after a plummet over 9% of oil prices in the previous session.
Lastly, the analyst suggested investors to monitor the outcome of the OPEC+ meeting, but the report of the meeting could come tomorrow night. The oil prices outlook could be better if the group decided to cut their output to match the current demand.
The support level for tomorrow’s session is 1,185 points and the resistance level is 1,220-1,245 points.
– Foreign Investors made a huge selloff worth nearly 8 billion baht to plunge the Thai stock market by 9 points.
– Trains in Wuhan resume the operation as the restriction in the city eased after 76 days of a lock down.
– BBS Consortium expected to ink the “Utapao Deal” in May with a ฿40bn first-phase investment.
– UREKA won the bidding for the water supply project to the Provincial Waterworks Authority worth 1,000 million baht.
– The Bank of Thailand introduced measures to assist SMEs and stabilize the corporate bond market amid the outbreak of coronavirus.
– DEMCO signed a contract worth 186 million baht with PEA to construct 3 substations.
– MK revealed its sales revenue in 1Q20 at 500 million baht.
– GULF’s shareholders approved the stock split from 5 baht per share to 1 baht per share.
– Analyst recommended “BUY” INTUCH at a target price of ฿76, expecting solid earnings in 2020.
– ACAP reported a default of paying interest for two debentures worth ฿500 million.
Top 10 Most Impact Shares on April 8, 2020
