Institutions-Prop Trade Slowly Retreat from the Thai Stock Market with a ฿1.1Bn Selloff
The total value of buying and selling separated by the investor's type as of July 13, 2020.
– SET Index closed at 1,342.37 points, plunged 8.13 points or 0.60% with a trading value of 62.3 billion baht. The analyst stated that the SET Index moved in the opposite direction of global markets which received positive sentiment from the development of remdesivir drug by Gilead Sciences has progression on patients.
However, the gain in European stocks and Dow Jones Futures tighten the gap after Beijing announced a sanction on U.S. officials in retaliation of the sanction by Washington over Chinese official mistreatment of Uighur camp in Xinjiang.
SET Index plunged in the afternoon session due to concerns over the report of new domestic coronavirus cases in Thailand. The government’s Centre for COVID-19 Situation Administration (CCSA) reported of new positive tests in an Egyptian militia who resided in a hotel in Rayong and in a girl who travelled with the ambassador into Thailand and resided in a hotel in Bangkok.
The analyst saw a rebound in the Thai stock market if the virus can be contained, giving a support level at 1,340-1,335 points and a resistance level at 1,350 points.
– Local Institutions and Proprietary Trading escaped with a 1.1 billion baht selloff after new domestic coronavirus cases found in Thailand.