THURSDAY, March 28, 2024
nationthailand

Limited upside potential for SET as US Covid-19 cases soar

Limited upside potential for SET as US Covid-19 cases soar

The Stock Exchange of Thailand (SET) Index rose by 3.16 points, or 0.23 per cent, to 1,376.38 in the morning session on Wednesday (July 8).

A stock analyst at Krungsri Securities expected the index to fall between 1,360 and 1,365 before rebounding due to uncertainty about the Covid-19 outbreak as the number of new cases in the US has increased by approximately 50,000 people per day, adding that this negative sentiment had also caused crude oil price to drop.

However, the index would rebound from speculation, such as in stocks whose second-quarter performance will improve and export stocks that would benefit from the weakening baht.

He recommended that investors buy:

▪︎ Food and electronic stocks that benefit from the weakening baht, such as CPF, GFPT, TFG, KCE, DELTA and HANA.

▪︎ Stocks whose second-quarter performance will improve, such as TOP, PTTGC, SPRC, BGRIM, CKP, TASCO, STA and SPALI.

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

The SET Index rose by 0.95 points on Tuesday (July 7), or 0.07 per cent, closing at 1,373.22. Total transactions amounted to Bt81.868 billion.

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