TUESDAY, March 19, 2024
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SET rises slightly on hopes of $1-trillion US economic stimulus package

SET rises slightly on hopes of $1-trillion US economic stimulus package

The Stock Exchange of Thailand (SET) Index rose by 0.83 points, or 0.06 per cent, to 1,331.64 this morning (August 5).

A stock analyst at Krungsri Securities expected the index to rise between 1,335 and 1,340 points before falling as the market gained positive sentiment from progress in negotiations between the US Congress and White House on $1-trillion (Bt31.05 trillion) economic stimulus measures.

“Besides, investments gained positive sentiment from US factory orders in June, which increased by 6.2 per cent, and the rising crude oil price,” the analyst said.

However, he said volatility caused by weak listed companies’ second-quarter performance and mass sell-offs in response to technical indicators would see a drop in the index.

“We advise investors to follow a key Monetary Policy Committee meeting today. The interest rate is expected to be maintained at 0.5 per cent,” the analyst added.

He recommended that investors buy:

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

> Stocks whose second-quarter performance is expected to improve, such as Top, PTTGC, SPRC, BGrim, CPF, TU, Asian, Tasco, STA, STGT, AP, PRM, PTL, AJ, CBG, TQM, JMT, Chayo, PTG, and BCH.

The SET Index rose 9.58 points, or 0.72 per cent, to close at 1,330.81 yesterday. The volume of total transactions was Bt55.13 billion, with an index high of 1,338.08 and a low of 1,328.13.

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