FRIDAY, March 29, 2024
nationthailand

SET rises on hopes of Opec production cut

SET rises on hopes of Opec production cut

The Stock Exchange of Thailand (SET) Index rose by 27.34 points or 2.27 per cent to 1,233.11 in the morning session on Thursday (April 9).

A stock analyst at Krungsri Securities expected the index to rise between 1,220 and 1,230 as energy and petroleum stocks would be driven up by the expectation that Opec and its partners will cut oil output by around 10 to 15 million barrels per day.
“In addition, the US Federal Reserve said it will maintain the interest rate at a low level until the Covid-19 situation is resolved,” the stock analyst explained.
The analyst added that the market still had positive sentiment from declining Covid-19 cases in Europe and the US, including economic stimulus measures issued by many governments worldwide.
“However, we advise investors to beware of short-term selling that would pressure the index to fall,” the stock analyst warned.
The analyst recommended investors make selective buys from three group of stocks as follows:
● Energy and petroleum stocks, which will benefit from the expectation that Opec and partners will cut oil production, such as PTT, PTTEP, TOP, PTTGC and IVL.
● Retail, tourism, and hotel stocks supported by 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.

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