The Stock Exchange of Thailand (SET) Index closed at 1,258.78 on Friday, dropping by 13.75 points or 1.08 per cent.

Transactions amounted to a total of 68.704 billion baht ($2.1 billion) with an index high of 1,280.02 and a low of 1,255.73.

A stock analyst at Krungsri Securities Pcl expects the index to fluctuate between 1,260 and 1,280.

“The market has gained support from the rising price of crude oil due to tensions in the Persian Gulf and the US House of Representatives approving $484 billion for Covid-19 relief measures to help small enterprises and hospitals.

“In addition, investors expect the Thai government to ease lockdown measures after the number of Covid-19 patients has dropped continuously, while Prime Minister Prayut Chan-o-cha is set to review the state of emergency on Tuesday [April 28],” said the analyst.

However, the analyst said the index is under pressure from the weakening US economy, now that the number of applicants for unemployment welfare his risen to 4.4 million, the sales of new homes in March has dropped by 15.4 per cent, and the Purchasing Managers Index in the manufacturing and services sector has dropped to a historic low of 27.4 this month.

“Also, the World Health Organisation has reportedly said that the drug Remdesivir is not effective against the Covid-19 virus,” the analyst said.

The top 10 stocks with the highest trade values today were BAM, PTT, PTTEP, GULF, GPSC, MINT, AOT, TISCO, ADVANC and PTTGC.

As of 5pm on Friday, crude oil price dropped by $0.22 or 1.33 per cent to $16.28 per barrel, while gold rose by $7.00 or 0.40 per cent to $1,752.40 per ounce.

Meanwhile, most stocks recorded a slide – Japan’s Nikkei Index closed at 19,262.00, down 167.44 points, or 0.86 per cent.

China’s Shanghai SE Composite Index closed at 2,808.53, down 29.97 points, or 1.06 per cent, while Shenzhen SE Component Index closed at 10,423.46, down 140.58 points, or 1.33 per cent.

Hong Kong’s Hang Seng Index closed at 23,831.33, down 145.99 points, or 0.61 per cent. South Korea’s KOSPI Index closed at 1,889.01, down 25.72 points, or 1.34 per cent. Taiwan’s TAIEX Index closed at 10,347.36, down 19.15 points, or 0.18 per cent.

THE NATION (THAILAND)/ASIA NEWS NETWORK