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SET, other Asian indices rally over hope of Biden win
EconNov 05. 2020
By The Nation
The Stock Exchange of Thailand (SET) Index closed at 1,264.32 on Thursday, up 41.88 points or 3.43 per cent, while total transactions tallied at Bt80.91 billion with an index high of 1,266.58 and a low of 1,232.72.
In the morning session, a Krungsri Securities analyst said he expected the day’s index to hit 1,230 points before falling on the hope that former vice president Joe Biden will win the US presidential election, as well as the rising price of oil. He added that Biden’s win would lead to positive sentiment in trade relations and a definite rollout of US economic stimulus measures.
“However, investors should beware of market volatility and mass sell-offs in stocks in line with technical indicators,” he warned.
He advised investors to monitor the US presidential election closely, at least until definite results are announced.
“US President Donald Trump is likely to approach the Supreme Court to fight the election results in two swing states, namely Wisconsin and Michigan,” the analyst added.
The top 10 stocks with the highest trade value today were CPALL, KBANK, PTT, GPSC, AOT, TASCO, IVL, PTTGC, GULF and SCGP.
As of 4.30pm, the price of oil had dropped by US$0.42 or 1.07 per cent to $38.73 per barrel, while gold rose by $22.60 or 1.19 per cent, to $1,918.80 per ounce.
Other Asian indices were also on the rise:
Japan’s Nikkei Index closed at 24,105.28, up 410.05 points or 1.73 per cent.
China’s Shanghai SE Composite Index closed at 3,320.13, up 42.69 points or 1.30 per cent, while Shenzhen SE Component Index closed at 13,894.26, up 234.76 points or 1.72 per cent.
Hong Kong’s Hang Seng Index closed at 25,695.92, up 809.78 points or 3.25 per cent.
South Korea’s KOSPI Index closed at 2,413.79, up 56.47 points or 2.40 per cent.
Taiwan’s TAIEX Index closed at 12,918.80, up 50.90 points or 0.40 per cent.
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