FRIDAY, March 29, 2024
nationthailand

SET down by nearly 1% in morning trade

SET down by nearly 1% in morning trade

The Stock Exchange of Thailand (SET) Index dropped by 10.70 points or 0.88 per cent to 1,204.25 in the morning session on Wednesday (April 8).

A stock analyst at Krungsri Securities expected the index to fluctuate between 1,200 and 1,235.
“The market gained positive sentiment from the decline in Covid-19 patients and deaths in Europe, the US and Thailand,” the Krungsri analyst said.
“On Tuesday [April 7], the number of Covid-19 patients in the US increased only 7 per cent, while Thailand it rose by only 38 people, showing that the situation has improved.”
The analyst said that the market also gained confidence from the Cabinet’s approval of the third phase of economic stimulus worth Bt1.9 trillion, covering all sectors impacted by the Covid-19 pandemic.
“However, the index would be pressured downwards by the drop in oil price after the US Energy Information Administration cut the West Texas Intermediate oil price forecast by 23 per cent to US$29.34 per barrel.”.
The analyst recommended investors make selective buys from three groups of stocks:
● Retail, tourism, and hotel stocks which gained benefit from the decline in Covid-19 cases, such as CRC, HMPRO, GLOBAL, AOT, CENTEL, MINT, and ERW.
● ICT and food stocks, which have escaped severe impact from the outbreak, such as ADVANC, INTUCH, DTAC, and CPF.
● Defensive stocks, which pay high dividends, such as TTW and BCPG.

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