Thai Stock Market Roundup on August 28, 2020

– SET Index closed at 1,323.31 points, decreased 3.50 points or 0.26% with a trading value of 54.4 billion baht. The analyst stated that the Thai stock market started to decline in the afternoon session due to profit-taking after being able to stand in positive territory in the morning due to the Fed’s statement of the monetary policy shifting that would keep interest rates at the minimum.

The analyst expected sideways trends to continue next week with a support level at 1,300 points and a resistance level at 1,350 points.

– Foreign Investors pulled back with a 3.8 billion baht selloff, plunging SET by 3.50 points.

– Fed’s chairman Jerome Powell at the annual Jackson Hole Economic Symposium announced a major policy shift by introducing “average inflation targeting,” a tool that will allow inflation to run higher than the standard 2% target before hiking interest rates.

– New Zealand Stock Exchange halted trading sessions for the fourth day due to a cyber attack.

– Japan’s Prime Minister Shinzo Abe announced his resignation over health concerns.

– PTTEP appointed “Phongsthorn Thavisin” as CEO, effective from October 1 onwards.

– NER sold 75 million shares or 4.87% of the total issued ordinary shares to Daiwa Fund Consulting.

– GULF topped up stakeholding in INTUCH to 8%, booking 300 million baht from dividend in 3Q20.

– GULF expected a 50% increase in 2021 revenue, booking ฿2Bn from the German wind power plant.

– MTC to show a counter-trend growth, the analyst recommended “BUY” at a target price of ฿66.00/share.

– Kasikorn Research cut 2020 Thai GDP to 10% contraction as pandemic and political issues weighed on the economy.

– Stocks in Focus on August 28, 2020: PRM (Tisco Securities TP at ฿11.50/share) and ICHI (Finansia Syrus Securities TP at ฿11.00/share).

 

Top 10 Most Impact Shares on August 28, 2020