Thai Stock Market Roundup on August 7, 2020
A short summary to inform investors of what had happened in the Thai stock market on August 7, 2020.
– SET Index closed at 1,324.40 points, decreased 8.82 points or 0.66% with a trading value of 44.3 billion baht. The analyst stated that the plummet in the Thai stock market was due to a lack of positive factors, while the U.S. issued a restriction for U.S. companies to do business with ByteDance, TikTok’s parent company, and WeChat’s Tencent due to security concerns.
However, the analyst stated that the upcoming $1 trillion stimulus package and the trade talk on August 15 could be the drive for stock markets.
The market is expected to rebase next week during the 2Q20 earnings season. The analyst advised to monitor the MSCI rebalancing on August 12 while giving a support level for next week’s session at 1,300 points and a resistance level at 1,350 points.
– Local Individuals net bought 2.4 billion baht of Thai shares as the index plunged nearly 9 points due to coronavirus and trade war concerns.
– China reported a surprise expansion in July’s exports by 7.2%.
– Gold soared to near $2,100 as the U.S. stimulus plan struggled while the greenback hit two-year low.
– Thai Consumer Sentiment increased for 3-straight month due to lockdowns easing and government’s relief packages.
– GPSC’s 2Q profit beat expectations, booking ฿1.9Bn as SPPs revenue buoyed its operations.
– PTTGC returned to book profit at ฿1.67Bn after recording lower stock loss and higher FX gain.
– TPLAS’ 2Q profit rose two folds to 9.47 million baht due to a decrease in SG&A.
– ILM reported a decrease of profit in 2Q by 91% to 14 million baht, mainly due to the effect of the coronavirus outbreak.
– JMT to post a better-than-expected profit in 2Q, analyst gave a “BUY” recommendation with a target price at ฿40.00/share.
– CLSA expected STGT’s profit to grow over 815% and 67% in 2020-2021 due to high demand and advantage in cheaper supply cost, giving a target price as high as ฿120.00/share.
– Stocks in Focus on August 7, 2020: INTUCH (Maybank Kim Eng TP at ฿65.00/share) and ADVANC (KGI Securities TP at ฿241.00/share).
Top 10 Most Impact Shares on August 7, 2020
