SET Drops 11pts as Investors Recommend to Monitor Covid-19 Situation and Thai 1Q21 GDP

The Stock Exchange of Thailand (SET) dropped 11.06 points or 0.71% to 1,538.42 points in the morning session as of 10:30 local time in Thailand on Monday, May 17, 2021, as investors showed sign of concerns toward the record high coronavirus case in Thailand that reported 9,635 new cases in which 6,853 cases are from prisons. There are also 25 new deaths and 1,397 patients have returned home. Thailand has a total of 82,219 confirmed cases and a total of 614 deaths.

 

Meanwhile, The Chinese National Bureau of Statistics reported Monday that retail sales rose 17.7% in April, compared to the same period of last year, but missed the expectations of 24.9% growth. The figure was also lower than the retail sales in March at 34.2%.

 

Maybank Kim Eng stated that for the domestic situation in the short term, the number of confirmed cases remains high. And it was found that many clusters were still a concern, such as those infected in prisons. However, on vaccination issues, people were found to be more alert. Combined with government measures such as the maximum and strict control of the area (dark red) can sit and dine in the restaurant for no more than 25% and no more than 21:00 hrs, and take home orders no later than 23.00hrs.

This is considered a factor that may come in handy in the short term. Today’s must watch is Thailand’s 1Q21 GDP report, where the market forecast to shrink by 3.3% YoY from a contraction of 4.2% YoY in 4Q20.