Friday, July 10, 2020

SET buoyed by strong US, China economic data, though concerns remain

Jun 30. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index opened today (June 30) at 1,343.99, up 14.23 points, or 1.07 per cent.

A stock analyst at Krungsri Securities expected the index to rebound between 1,340 and 1,345 points before falling in response to strong economic data emanating from the US and China.

“The US pending home sales index in May rose by 44.3 per cent compared to the previous month, while China’s industrial profits in May rose by 6 per cent year on year,” the analyst said.

“These positive sentiments also boosted the price of crude oil, with the demand for fuel expected to increase.”

The analyst, however, said the index is still under pressure from uncertainty following the second wave of Covid-19 infections in the United States.

He recommended investors buy:

▪ Energy stocks that benefit from a rising crude oil price, such as PTT, PTTEP, Top, PTTGC, IRPC, SPRC, and IVL.

▪ Stocks whose second-quarter performance will improve, such as CKP, Tasco, and STA.

▪ Stocks that were added to the SET50 and SET100 calculation – BPP, TTW, Ace, BFIT, DoHome, RBF, SIRI, SISB, SPCG, TVO, and WHAUP.

The SET Index fell by 0.58 points, or 0.04 per cent, yesterday, closing at 1,329.76. Total transactions amounted to Bt48 billion.

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