Connect with us
Welcome to Long An

Markets

Thai index falls 10%, SET activates circuit breaker

Today’s circuit breaker, the fifth ever by the SET, is the second this week after the first yesterday, and followed a 2,000-point drop of Dow Jones last night

National News Bureau of Thailand

Published

on

Concerns over the coronavirus disease 2019 (COVID-19) have strongly impacted investment in stock markets around the world, including Thailand.

As soon as the market opened this morning, the Stock Exchange of Thailand (SET) index plunged by 106 before reaching a decline of 111.52 points, or 10%, to 1,003.39 points. A circuit breaker was triggered to halt trading for 30 minutes.

Today’s circuit breaker, the fifth ever by the SET, is the second this week after the first yesterday, and followed a 2,000-point drop of Dow Jones last night – the worst since Wall Street’s Black Monday crisis on October 19, 1987.

The stock market panic came after the President of the United States, Donald Trump, imposed a travel ban on passengers from European Union (EU) countries, increasing concerns over the COVID-19 situation and making airline stocks plummet.

The SET President, Dr. Pakorn Peetathawatchai, said today the Thai stock market plunge was the result of concerns over the pandemic, but remarked that there is an opportunity in every crisis. There are as many as 231 stocks whose prices are the lowest in five years on the SET and Market for Alternative Investment (MAI) markets.

There are also more than 448 stocks with a book value lower than the market value, meaning that these assets have a higher value than the company’s share value. This is a good opportunity for long-term investors who can take short-term volatility.

The Finance Minister, Uttama Savanayana, said his ministry has been closely monitoring the stock markets and if necessary, he will ask the cabinet to launch additional assistance measures.

Mr. Uttama added that he does not want investors to be overly concerned, and he believes that the stock market will rebound when the situation improves. He confirmed that the government is not yet ready to cut taxes to stimulate investment.

Advertisement
Comments

Forex

What is Forex Trading and how it works?

Why do the investors choose Forex trading? Forex trading is traded by currency pairs. This is because all currency trading must be done in pairs, which is different from the stock market.

Avatar

Published

on

Forex trading is a strategy for traders to exchange one currency with another. The Forex market is considered as the largest global financial market where people can trade 24 hours in 5 working days. When you want to trade Forex, you always trade currency pairs.

(more…)

Continue Reading

Markets

Coronavirus hits tourism-reliant Thailand

Tourism is a key driver of growth in Southeast Asia’s second-largest economy, and Chinese tourists are Thailand’s biggest source of visitors accounting for 28% of all tourists to Thailand

Boris Sullivan

Published

on

Chinese tourists in Pattaya

The Stock Exchange of Thailand (SET) dropped beneath 1,400 point in morning trading on Wednesday (February 26) amid concerns over the COVID-19 virus, and closed at 1366.

(more…)

Continue Reading

commodities

Thai Rice Export Expected to Drop to 7.5m tons this year

This year’s projection for rice exports remains close to the previous year at 7.5 million tons, the lowest in seven years since 2013 when Thailand exported 6.6 million tonnes of rice.

Avatar

Published

on

Thailand risks losing its place as the world’s second biggest rice exporter this year thanks to weaker competitiveness and a lack of new rice varieties to cater to changing market demand.

(more…)

Continue Reading

Must Read

Upcoming Events

Mon 06

26th World Cardiology Conference – Bangkok

April 6 @ 8:00 am - April 7 @ 5:00 pm BMT
Wed 08

Global Public Health 2020

April 8 @ 8:00 am - April 9 @ 5:00 pm BMT
Mon 13
Fri 17

2nd International Conference on Nanomedicine and Nanotechnology

April 17 @ 9:00 am - April 18 @ 5:00 pm BMT
Aug 21

16th International Expo on Recycling and Waste Management

August 21 @ 8:00 am - August 22 @ 5:00 pm BMT

Press Release

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 12,288 other subscribers

Trending