SET Drops Nearly 12pts, Following Regional Markets after Chinese Banks Tremble!

The decline in SET Index in the afternoon session plunged the market by nearly 12 points to 1,311.63 points as most of the major indices in Asia closed lower.

 

SSEC dropped 0.24%, HSI lost 0.96%, ASX 200 dipped 0.22%, KOSPI plunged 1.17% while Nikkei rose 1.1%.

 

Earlier in the day, Chinese banks reported a loss of billions of dollars in profit due to the rising of bad loans during the coronavirus pandemic.

Chinese banks were the frontline to absorb the economic plummet on households and businesses during the pandemic. Five largest Chinese banks recorded at least 10% decline YoY for the first half of 2020 while setting provisions for possible blows in the future.