SET Drops 21pts as U.S.-China Tension Rises and Thai Exports for June Plunge 23%!

SET Index dropped 21.62 points or 1.59% to 1,338.03 points at the opening of the afternoon session on July 24, 2020, amid rising tension between the U.S. and China, as well as UK and China and a report of declining Thai exports. The index closed 17 points lower at the closing of the morning session.

 

The tension between the U.S. and China continued to escalate after the Chinese Consulate in Houston reportedly burned documents at its courtyard, causing smoke to hover around the area and prompting the U.S. on Wednesday to order a closure of the consulate within 72 hours.

 

Thailand’s exports in June shrank 23.17% year-on-year with exports value of USD16,444 million, compared with market expectations of a 6.4% – 15% fall and after a 22.5% contraction in May, due to the Covid-19 outbreak impact on the global economy, said the Ministry of Commerce on Friday.

Imports recorded USD14,834 million, an 18.05% plunge, versus an expectation of an 18% fall, while trade surplus amounted to USD1,610 million.

Between January and June, Thailand’s exports value was at USD114,343 million, contracted by 7.09% and the imports has recorded USD103,642 million, a 12.62% shrink, leading a  trade surplus of USD10,701 million