FRIDAY, March 29, 2024
nationthailand

SET rises amid hopes lockdown measures would ease

SET rises amid hopes lockdown measures would ease

The Stock Exchange of Thailand (SET) Index rose by 7.43 points, or 0.60 per cent, to 1,246.67 as of 10am this morning (April 20).

A stock analyst at Krungsri Securities expects the index to rise to the resistance zone between 1,250 and 1,260 points as the Covid-19 situation in the country tends to improve.
“We expect that governments worldwide would ease lockdowns to allow some businesses to resume operations, resulting in positive economic sentiment and investment,” the analyst said.
He warned investors to beware of mass sell-off after China’s gross domestic product (GDP) in the first quarter of this year contracted 6.8 per cent, while Japan’s exports in March dropped 11.7 per cent due to the Covid-19 impact.
“In addition, investors sold their stocks due to uncertainty that listed companies’ finances would drop sharply, causing the market to come under pressure.”
The analyst recommended that investors make selective buys from four groups of stocks:
Financial stocks, such as KTC, Sawad, MTC, JMT and BAM, which would benefit from the Accounting Profession Supervision Committee easing Thai Financial Reporting Standards 9, such as classification of debtors, lease agreements, and debt forecast, including low-interest soft loans from the government in exchange for a moratorium.
Retail, tourism and hotel stocks – such as CRC, CPN, HMPro, Global, Com7, AOT, Centel, Mint and ERW – that benefit from a decline in the number of Covid-19 patients in the country and hopes over the lockdown easing as Central Group prepares to reopen its shopping malls on May 1.
Stocks that would benefit from a decline in the oil cost, such as Tasco, EPG, and IVL.
ICT and food stocks that have escaped the severe impact of the outbreak, such as Advanc, Intuch, Dtac and CPF.
An analyst at SCB Securities said the index support line is between 1,170 and 1,120 points, while the resistance line is between 1,270 and 1,300. The analyst advised investors to buy stocks from BEM at Bt10.00 per share, IVL at Bt30 per share, and BCH at Bt20.50 per share.
A Tisco Securities analyst expected the index to move between 1,200 and 1,240 points, advising investors to buy stocks from BDMS at Bt21.60 per share and Tasco at Bt18.70 per share.
Meanwhile, an analyst at Bualuang Securities expected the index to move between 1,184 and 1,240 points, advising investors to buy stocks from Com7 at Bt20 per share, HMPro at Bt14 per share, and IVL at Bt28 per share.
A Kasikorn Securities analyst expected the index to move between 1,190 and 1,265 points, advising investors to buy stocks from BAM at Bt26.50 per share, PTTEP at Bt107 per share and PTTGC at Bt49 per share.

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