Tuesday, August 11, 2020

Factors for upward movement of SET absent

Jul 09. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index rose by 6.51 points, or 0.48 per cent, to 1,368.97 in the morning session on Thursday (July 9).

A stock analyst at Krungsri Securities expected the index to fluctuate between 1,355 and 1,370 due to a lack of new factors to stimulate the economy.

"The market gained positive sentiment from hopes over the V-shaped economic recovery as the US, Europe and China economic data rose significantly last month and there was speculation in stocks whose second-quarter performance, was expected to show big improvement," the analyst said.

"However, the market would be under pressure from uncertainty following the Covid-19 outbreak, as the number of new cases in the US continues to increase by approximately 61,000 people per day."

He recommended that investors buy:

▪︎ Food and Electronic stocks that benefit from the weakening baht, such as TU, 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.

▪︎ Defensive stocks, such as INTUCH, TTW and DIF.

The Stock Exchange of Thailand (SET) Index fell 10.76 points or 0.78 per cent, closing at 1,362.46 on Wednesday (July 8). Total transactions stood at Bt66.274 billion with an index high of 1,379.71 and a low of 1,361.24.

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