SATURDAY, March 30, 2024
nationthailand

SET Index gains, but worries mount over rising Covid-19 cases

SET Index gains, but worries mount over rising Covid-19 cases

The Stock Exchange of Thailand (SET) Index rose by 1.29 points, or 0.11 per cent, to 1,127.15 in the morning session on Wednesday (April 1).

A stock analyst at Krungsri Securities expected the SET Index to fluctuate between 1,110 and 1,135.
“The market gained positive sentiment from the government’s measures to cope with the Covid-19 pandemic and several asset management companies launching a Super Savings Fund from April 1 until June 30, which is expected to generate Bt60 billion and support the index,” the stock analyst said.
“However, uncertainty about the Covid-19 pandemic that has forced many countries to lock down to contain the spread will pressure the global economy to shrink.”
The analyst explained that the number of Covid-19 cases in US and Europe were still increasing. Total Covid-19 cases worldwide rose to more than 800,000, while the death toll was over 38,000.
“We advise investors to beware of short-term sales that would pressure the market as the index rose sharply yesterday,” the stock analyst added.
The analyst recommended investors to make a selective buy from three groups of stocks:
● ICT stocks which benefit from work from home trends, such as ADVANC, INTUCH, and DTAC. 
● Retail stocks, which benefit from people hoarding products during the Covid-19 situation, such as CPALL, BJC, and MAKRO.
● Food stocks, which would benefit from the weakening baht, such as CPF and TU.

nationthailand