Foreigners Drop SET by 23pts with a ฿3.5Bn Selloff amid Fears over Thai Economy
The total value of buying and selling separated by the investor's type as of June 24, 2020.
The total value of buying and selling separated by the investor's type as of June 24, 2020.
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– SET Index closed at 1,333.43 points, decreased 23 points or 1.7% with a trading value of 60.8 billion baht. The analyst stated that the Thai stock market fell in the afternoon session and continued to plunge until the closing due to the announcement from the Bank of Thailand in the afternoon that revised down Thai economy in 2020 from a contraction of 5.3% to 8.1%.
The forecast at -8.1% is considerably high, which triggered fears over the economic outlook that could be worsened, coupled with worries of a second wave of the coronavirus outbreak that started to emerge in many countries.
Even though Thai major banks were able to close higher, the analyst expected the banking sector to be the last one to recover from the crisis.
The analyst expected the market to correct in tomorrow’s session with a support level at 1,330-1,300 points and a resistance level at 1,350-1,360 points.
– Foreign Investors led the selling team with 3,589 million baht of net sell, coupled with 1,623 million baht selloff from Proprietary Trading to plunge SET Index by 23 points.