Market Update 09/03
So oil markets have their own rollercoaster with the Saudi’s and the Russian’s not cutting output and potentially ramping it up production instead.
And so as of midday 09/02 PTTEP is -29%, PTTGC is -25%, and PTT is -24%. Who said large caps are safer?
SET is back to where it was in … 2012? Loving it, I keep to the same saying, get your buy list, close your eyes, take advantage of it.
Which names typically benefit from lower oil prices? TASCO, PTG, refineries i.e. TOP, TOA, EPG. But each company will have its own demand side issue atm…
peter satrapa-binder
Looks like we are right back at some long-term technical support for the SET… app. 1270 range… after (below) that, i guess I’d have to dig up the older charts from pre-2012:)
praya
Bottom support coming from 2008 would bring SET to around 800, this is the worst case,
it depends if virus spread around USA with panic and slow internal comsumer spending.
I wonder what FED and other central banks could do in next financial crisis since interest rates are already low.
peter satrapa-binder
@SET: well, the really WORST case – no idea what and where that might be:) i still think it’s the best to play the waiting game for now.
@FED and other central banks: well, the FED has at least still a little bit of leeway to go but it’s looking bad for the europeans already…
Pon
Low rates + massive fiscal spending coming. Except for Thailand as this is obviously the most flaccid group of donkeys assembled.
Bo Stenberg
Please, Pon, go ahead and speak your mind. (Flaccid…)
For some reason I see the previous “support” at 1240 on the SET (tech analysis is very popular here). Do I need a new prescription? The low today was 1249 which violated 1270. And then did not reach 1240.
After 1240, unless banks are going under (…), I also see the next support is 800. If you believe.
Some sacred cows got gored today alright, some predictions of WTI in the 20’s. However, there are still counters here which are too big to fail, for reasons which must never see the light… The Jesse Livermore school are not happy they all come tumbling down.
peter satrapa-binder
well, the support held FOR NOW. but if there is a big minus in wall street overnight (which i’d quite expect judging from the DJ futures today) then we may very well see 1240 or lower tomorrow…
Pon
Or oil prices recover/stabilise and thus PTT group brings the market back up.