Tuesday, September 29, 2020

SET rises on strong US and Euro-zone economic data, Covid-19 drug news

Aug 04. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index rose by 9.72 points, or 0.74 per cent, to 1,330.95 on Tuesday morning.

A stock analyst at Krungsri Securities expected the index to rebound between 1,330 and 1,335 before falling, as the US and Europe's economic data have rebounded after easing lockdown measures.

"Oil price increased after the US and Euro-zone manufacturing purchasing managers index (PMI) rose to 54.2 and 51.8, respectively," the analyst said.

"Also, the market gained positive sentiment from Covid-19 antiviral drug news after Eli Lilly & Co, a US pharmaceutical company, said it was conducting the final phase of the LY-CoV555 drug test."

However, the analyst added that uncertainty over the US US$1-trillion economic relief measures and listed companies' second-quarter performance would pressure the index.

The SET Index closed at 1,321.23 on Monday (August 3), down 7.30 points or 0.55 per cent. Total transactions amounted to Bt54.716 billion with an index high of 1,325.31 and a low of 1,311.25.

He recommended that investors buy:

▪︎ Energy stocks that benefit from rising crude oil price, such as PTT, PTTEP, TOP, PTTGC, IRPC, SPRC and IVL.

▪︎Electronic stocks that benefit from work from home and 5G trends, such as KCE, DELTA, HANA and SVI.

▪︎ Stocks whose second-quarter performance will improve, such as TOP, PTTGC, SPRC, SCC, BGRIM, CKP, CPF, TU, ASIAN, TASCO, STA, STGT, AP, PRM, PTL, AJ, CBG, TQM, JMT, CHAYO, PTG and BCH.

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