SET rises amid worries over renewed US-China trade war, Thai political situation
The Stock Exchange of Thailand Index opened at 1,363.15, up 10.78 points, or 0.80 per cent, this morning (June 2).
A stock analyst at Krungsri Securities expected the index to fluctuate between 1,345 and 1,365 points due to uncertainty following a renewed trade war after China suspended imports of soybean in response to the US move to terminate its trade relationship with Hong Kong.
“Meanwhile, the political situation in Thailand and the tight SET valuation will pressure the index,” the analyst said. “On Monday, 18 members of the Palang Pracharat Party’s executive board officially resigned.”
He said that energy and petroleum stocks continued to gain positive sentiment from the rising crude oil price as investors expected the economy to recover after several countries eased their lockdowns.
He recommended investors buy:
▪ Energy stocks which will benefit from the rising crude oil price, such as PTT, PTTEP, Top, PTTGC, IRPC, SPRC and IVL.
▪ Stocks which will benefit from the government’s tourism stimulus measures, such as Mint, Centel, ERW and AOT.
▪ Stocks whose second quarter performance will improve, such as CKP, Tasco, STA and RS.
▪ Stocks which would be added to the SET50 – BPP and TTW – and SET100 calculation – Ace, DoHome, RBF, SIRI , SISB, TVO and WHAUP.
