Thai Stock Market Roundup on June 11, 2020

– SET Index closed at 1,396.77 points, plunged 22.00 points or 1.55% with a trading value of 82.8 billion baht. The analyst stated that the plummet in the Thai stock market today was in the same direction of the regional market as well as the European market and Dow Jones Futures after the Fed’s decision to maintain the policy rate at near zero until 2022, causing worries over slow economic recovery from the pandemic.

The valuation in the Thai stock market is also high, resulting in a profit taking in today’s session. The analyst believed the market was already priced in the phase 4 easing, thus advising to monitor the FTSE weight increase on June 19.

The analyst expected 1,374-1,360 points to be the support level in tomorrow’s session, and 1,400-1,405 points to be the resistance level.

– Local Institutions plunged the Thai stock market with a 4.1 billion baht selloff, coupled with 1.18 billion baht of net sell from Proprietary Trading and Foreign Investors.

– U.S. coronavirus cases surpassed 2 million as protest over police brutality continued.

– The Federal Reserve maintained the policy rate at 0-0.25%, expecting the U.S. economy to decline by 6.5% in 2020.

– PTTEP issued 7-year US$ denominated notes totaling $500mn for offshore investors.

– The Court dismissed the alleged violation of power plant project bidding over RATCH.

– CPF to continue benefiting from Chinese pork demand as the analyst expected a 2-year huge advantage from the ASF.

– Stocks in Focus on June 11, 2020: BEM (Maybank Kim Eng TP at ฿13.00/share) and SPVI (Land and Houses Securities TP at ฿3.10/share).

 

Top 10 Most Impact Shares on June 11, 2020