Govt economic stimuli, rising crude oil prices help SET bounce back

Transactions were worth a total of Bt49.474 billion with an index high of 1,237.23 and a low of 1,220.00.
A stock analyst at Krungsri Securities expects the index to move between 1,215 and 1,240 as the market gains support from rising crude oil prices and the Opec+ agreement to cut output by 9.7 million barrels per day.
“In addition, governments worldwide have accelerated economic stimulus measures to help people affected by Covid-19, such as cutting interest rates, granting soft loans and remedial handouts,” the analyst said.
However, the Covid-19 pandemic is still pressuring the direction investors take, especially since nearly 2 million people have been infected worldwide and more than 114,000 killed.
“The US has the highest number of Covid-19 cases and deaths, meaning President Donald Trump will not resume the country’s economic activity until the situation is resolved,” the stock analyst said. “This is triggering negative sentiment on the global economy and investment direction.”
The top 10 stocks with the highest trade values on Monday were AOT, GULF, PTT, BAM, SAWAD, MINT, BEM, CPF, BTS, and CPALL.
As of 5pm, crude oil price rose by $0.02 or 0.09 per cent to $22.78 per barrel, while gold price dropped by $11.80 or 0.67 per cent to $1,741.00 per ounce.
Meanwhile, most Asian stock markets were on the slide:
Japan’s Nikkei Index closed at 19,043.40, down 455.10 points, or 2.33 per cent.
China’s Shanghai SE Composite Index closed at 2,783.05, down 13.58 points, or 0.49 per cent, while Shenzhen SE Component Index closed at 10,233.16, down 75.25 points, or 0.73 per cent.
South Korea’s KOSPI Index closed at 1,825.76, down 34.94 points, or 1.88 per cent.
Taiwan’s TAIEX Index closed at 10,099.22, down 58.39 points, or 0.57 per cent.