Thai Stock Market Roundup April 21, 2020

– SET Index closed at 1,252.92 points, decreased 13.48 points or 1.06% with a trading value of 58.6 billion baht. The analyst stated that the Thai stock market was volatile due to the decline in U.S. crude price, but still closed better than other regional markets. The positive sentiment from easing a partial lockdown still buoyed the market, while the better-than-expected earnings of the banking sector also added up to the positive sentiment as well.

However, the analyst warned that the Thai stock market currently traded at P/E 16x, which was quite expensive, stating that the institutions had been keeping the index afloat, but once the institutions sell their shares, the market could plunge again.

The analyst set a support level for tomorrow’s session at 1,243-1,226 points and a resistance level at 1,270-1,280 points.

– Foreign Investors sold 6.1 billion baht worth of Thai shares amid the plummet in U.S. crude price.

– A bailout sank WTI by 300% to trade in negative territory and pay buyers to take oil.

– KBANK reported a decline in 1Q20 profit by 34% as other income dropped by ฿5.1 billion.

– CIMBT’s 1Q20 profit jumped 144% to ฿1.07 billion as operating income grew and ECL dropped.

– BBL amended the CSPA of “Permata” to 1.63 times of book value.

– Thailand March Imports–Exports expanded 7.25% and 4.17%, beat estimate of contractions.

– RATCH settled a joint venture company to operate a 40MW power plant in Nakhon Ratchasima, schedules a COD in 2023.

– Analyst upgraded BGRIM’s target price to ฿46 and expected growth capacity to follow guidance.

– Investors turned to favour power-generation stocks amid volatility in Thai stock market.

– S&P forecasted Covid-19 would double an unemployment rates across Asia-Pacific region.

Top 10 Most Impact Shares on April 21, 2020