SET Drops 20pts as Investors Dump Big-Cap Stocks amid Tougher Curb Fears

The SET Index declined further in the afternoon session along with the region’s other markets due to heavy selloff in Big-Cap stocks amid concerns over tougher Covid lockdown measures.

The SET on 14:32 local time in Thailand was at 1,517.55 points, falling 20.23 points (-1.32%). 

As of 14:53 local time in Thailand, SET Index dropped 18.44 points (-1.20%) to 1,519.34 points, with a trading value of 57,032 million baht.   

RHB Securities (Thailand) stated that the Thai stock market fell more than 20 points this afternoon was in line with markets across Asia, particularly the Japanese and Philippine stock markets, which both entered negative territory due to concerns over the spread of Covid-19. Today, the number of confirmed Covid cases in Japan has surpassed 10,000.

The markets are also concerned about China’s interference in the technology sector. The Thai stock market is under selling pressure in large-cap stocks as a result of the country’s devastating Covid-19 outbreak, which has fueled fears of tighter restriction measures, including a 24-hour lockdown. If tougher lockdown restrictions are implemented, it is expected that it will take at least one month to contain the infection.

Additionally, certain large-cap stocks have unique storylines, such as TOP, which announced the acquisition of shares in Indonesia’s Petrochemical Company Chandra Asri (CAP), requiring TOP to raise its capital by ten billion baht while continuing to sell GPSC.