Thai Stock Market Roundup on May 28, 2020

– SET Index closed at 1,337.51 points, decreased 7.60 points or 0.56% with a trading value of 85.8 billion baht. The analyst stated that the Thai stock market fell due to concerns over the U.S. and China escalated tension as Beijing just approved the new legislation for Hong Kong. Meanwhile, stocks in Europe still traded higher due to the recently approved stimulus package from ECB.

The analyst advised investors to keep a close eye on the development between the U.S. and China, giving a support level at 1,330-1,320 points and a resistance level at 1,360 points.

– Local Institutions lost to selloff pressure of 1.4 billion baht from Prop Trade, Foreign Investors and Individual.

– “American Airlines” planned to cut 5,000 jobs, but said that bankruptcy is not an option.

– Boeing planned to lay more than 12,000 U.S. employees off due to a severe drop in travel demand.

– South Korea cut the benchmark rate to all-time low after Covid-19 threatened the economy.

– The second wave of coronavirus struck South Korea as the infection hit 8-week high.

– China gave a green light to the new national security laws for Hong Kong.

– 8.4 million workers are at risk of losing job due to the Covid-19 pandemic aftermath.

– SET posted “C” sign on THAI after the Central Bankruptcy Court accepted the filing for rehabilitation plan.

– TRIS affirmed BEM’s company ratings at “A”, but downgraded outlook to “Negative”.

– Stocks in Focus on May 28, 2020: KBANK (Maybank Kim Eng TP at ฿100.00/share) and CRC (KTB Securities TP at ฿46.50/share).

 

Top 10 Most Impact Shares on May 28, 2020