SET Index rises
The Stock Exchange of Thailand (SET) Index rose by 8.15 points, or 0.61 per cent, to 1,349.07 in the morning session today (July 29).
A stock analyst at Krungsri Securities expected the index to fall to between 1,325 and 1,330 points before rebounding due to the conflict between US Republicans and Democrats over $1-trillion (Bt31.45 trillion) in economic stimulus measures.
“Also, uncertainty following the number of new Covid-19 cases in the US, with an increase of 60,000 in just one day, would pressure investment,” he said.
“However, the index will rebound from mass purchases in stocks whose second-quarter performance is expected to improve.”
The analyst advised investors to follow the US Federal Open market Committee meeting today and tomorrow, adding that the committee would maintain the interest rate at 0-0.25 per cent.
He recommended investors buy:
> Food and Electronic stocks that benefit from the weakening baht, such as CPF, GFPT, TU, TFG, Asian, KCE, Delta, Hana and SVI.
> Stocks whose second-quarter performance will improve, such as Top, PTTGC, SPRC, SCC, BGrim, CKP, CPF, TU, Tasco, STA, STGT, SPALI, AP, PRM, PTL, AJ, STark, CBG and TQM.
The SET Index closed at 1,340.92 on Friday, down 18.73 points, or 1.38 per cent. Total transactions amounted to Bt46.529 billion, with an index high of 1,350.93 and a low of 1,337.21.
