SET rises on Fed’s rate move, vow to introduce more relief measures
The Stock Exchange of Thailand (SET) Index rose by 7.18 points, or 0.54 per cent, to 1,345.53 in morning trade today (July 30).
A stock analyst at Krungsri Securities expected the index to fluctuate between 1,330 and 1,350 points.
“The market gained positive sentiment from the US Federal Reserve’s move to maintain the interest rate at 0-0.25 per cent and a promise that it would issue measures to help economic recovery amid the Covid-19 crisis,” he explained.
“Also, mass buy-ups in stocks, whose second-quarter performance is expected to improve, boosted the index.”
However, the analyst said uncertainty following the conflict between US Republicans and Democrats over $1-trillion in Covid-19 relief measures and the rising number of infections in the United States would pressure the index.
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 is expected to improve, such as Top, PTTGC, SPRC, BGrim, CKP, CPF, TU, Tasco, STA, STGT, SPALI, AP, PRM, PTL, AJ, Stark, CBG, TQM, and JMT.
The SET Index closed at 1,338.35 yesterday (July 29), down 2.57 points, or 0.19 per cent. Total transactions stood at Bt56.11 billion, with an index high of 1,349.91 and a low of 1,337.03 points.
