A Nonstop Selloff from Institutions Sinks SET Index by 14pts, to Close Below 1,500pts
The total value of buying and selling separated by the investor's type as of February 20, 2020.
– SET closed at 1,491.24 points, decreased 14.30 points or 0.95% with a trading value of 75.5 billion baht. The analyst stated that the plummet in today’s session was due to concerns over the slowdown in the Thai economy after the majority of security companies revised down their GDP forecast in 2020 to 1.2-1.5%.
Moreover, Finance Minister, Uttama Saowanayon, also stated that the Thai economy would have a slow recovery which should occur around June to July if the coronavirus outbreak started to ease. Meanwhile, Chinese tourists were expected to not return within the second quarter of 2020, which could make the recovery even slower since Thai relied on tourism and exports.
The analyst set a support level at 1,480 points and a resistance level at 1,500 points.
– Local Institutions poured 2.7 billion baht of Thai shares along with another 2.4 billion baht selloff from Foreign Investors, dragging SET Index by 14pts.
