Thai Stock Market Roundup on June 24, 2020

– SET Index closed at 1,333.43 points, decreased 23 points or 1.7% with a trading value of 60.8 billion baht. The analyst stated that the Thai stock market fell in the afternoon session and continued to plunge until the closing due to the announcement from the Bank of Thailand in the afternoon that revised down Thai economy in 2020 from a contraction of 5.3% to 8.1%.

The forecast at -8.1% is considerably high, which triggered fears over the economic outlook that could be worsened, coupled with worries of a second wave of the coronavirus outbreak that started to emerge in many countries.

Even though Thai major banks were able to close higher, the analyst expected the banking sector to be the last one to recover from the crisis.

The analyst expected the market to correct in tomorrow’s session with a support level at 1,330-1,300 points and a resistance level at 1,350-1,360 points.

– Foreign Investors led the selling team with 3,589 million baht of net sell, coupled with 1,623 million baht selloff from Proprietary Trading to plunge SET Index by 23 points.

– WTO estimated global trade to shrink 18.5% in 2Q20.

– MPC voted unanimously to maintain the policy rate at 0.50 percent, while revised down 2020 GDP to contract 8.1%.

– Thai May exports fell the most in 4 years, posting a contraction of 22.5%.

– Thailand reported no local transmission of Covid-19 for 30 days.

– ITEL announced a renewal of the contract for Data Center Colocation Service worth 202 million baht.

– MINT announced the price of its new ordinary shares at ฿18.90, expecting 11% EPS dilution.

– BWG rejoiced after the SEC gave a green light on “Earth Tech Environment” to offer 600 million shares of IPO.

– TRUE issued four series of debentures with a 3-4.4 interest rate to be subscribed on 9-14 July.

– WHAUP signaled for a strong performance in 2H, expecting its total capacity to exceed 600MW target by year-end.

– SIRI expected the sales revenue to meet the target after a subscription of 34.5 billion baht in 1H.

– DTC to reopen hotels under safety certification, while welcoming the government’s stimulus package for domestic tourism.

– FPT to divest ฿6Bn worth of industrial assets to FTREIT to recycle capital for future growth.

– Stocks in Focus on June 24, 2020: GULF (Country Group Securities TP at ฿44.60/share) and PTTGC (Maybank Kim Eng TP at ฿57.00/share).

 

Top 10 Most Impact Shares on June 24, 2020