Thai Stock Market Roundup March 9, 2020
A short summary to inform investors of what had happened in the Thai stock market on March 9, 2020.
– SET closed at 1,255.94 points, plunged 108.63 points or 7.96% with a trading value of 103.6 billion baht. The analyst stated that global markets dropped around 4-7% as fears over price war between the three biggest oil producers: the USA, Saudi Arabia and Russia. The European markets were even worse than Asia stock markets with a plummet around 6-7% while FTSE MIB fell more than 12%.
Global markets were already weakened from the effect of coronavirus and the negative factors regarding oil prices had made the situation even worse which triggered a selloff, especially in the energy sector. In Thailand, three of PTT Public Company Limited (PTT), state-owned oil and gas company, including PTTEP, PTTGC and PTT were ranked as 2nd, 3rd and 4th losers, respectively with a plummet of 29.81%, 26.63%, and 25.33%, respectively.
The analyst set a support level at 1,230-1,220 points and a resistance level at 1,280 points.
– Amid market plummet, Local Institutions made a net sell of 12.7 billion baht along with a 4 billion baht selloff from Foreign Investors, dragging SET Index to plunge by 108 points.
– Russia fired the first shot to start the price war, oil plunged 30% to $30s/bbl.
– Asia stocks all plummeted, as well as the plunge of Dow Futures by 1,200pts as fear over price war sparked.
– KBANK suspended an exchange service from March 8, aimed to avoid Covid-19.
– RATCH signed a PPA to generate 60% of a 227MW wind farm in Australia, scheduled to COD in early 2021.
– Covid-19 outbreak in China and South Korea tended to slow down while in Italy and Iran cases surpassed 7,000.
– CP Group acquired Tesco Thailand and Malaysia at ฿338bn to further enhance retail business.
– CPF took 20% stake in Tesco, aimed to expand distribution arms in Thailand and Malaysia.
– Covid-19 has spurred Japanese economy to shrink faster than the estimation.
– BJCHI signed 2 contracts worth ฿880mn in Australia.
– Stocks in Focus on March 9, 2020: STEC (Maybank Kim Eng TP at ฿20.00/share) and EGCO (KGI Securities TP at ฿370.00/share).
Top 10 Most Impact Shares on March 9, 2020
