Tuesday, August 04, 2020

SET rises amid positive and negative sentiments

Jul 02. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index opened on Thursday (July 2) at 1,356.22, up 6.78 points, or 0.50 per cent.

A stock analyst at Krungsri Securities expected the index to fluctuate between 1,340 and 1,360 due to mixed sentiments.

“The market gained positive sentiment from Pfizer and BioNTech’s Covid-19 vaccine testing going well, the US private payroll in June rising by 2.369 million jobs, and the rising crude oil price in response to the US crude oil storage dropping by 7.2 million barrels,” the analyst said.

However, the analyst said the index was still under pressure from uncertainty following the second wave of coronavirus cases as the number of patients in the US was still rising.

“Also, the US Federal Reserve’s meeting report stated that there was a risk that fiscal measures may not be able to assist households, businesses, and local governments, which would plunge the index,” the analyst added.

He recommended that 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 benefit from the Cabinet’s domestic tourism stimulus measures, such as MINT, CENTEL, ERW, AOT, and AAV.

The SET Index rose by 10.41 points, or 0.78 per cent, on Wednesday (July 1), closing at 1,349.44. Total transactions amounted to Bt53 billion.

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