Saturday, September 26, 2020

Market sluggish amid delay in US stimulus package, US-China talks tomorrow

Aug 14. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index fell by 1.83 points, or 0.14 per cent, to 1,344.86 on Friday morning (August 14).

A stock analyst at Krungsri Securities expected the index to fluctuate between 1,340 and 1,355 despite the index gaining positive sentiment from positive Covid-19 vaccine news.

"The index would be under pressure following the stand-off on the $1-trillion US economic stimulus package, while investors would delay trade to follow the outcome of US-China trade negotiations on Saturday [August 15]," the analyst said.

The SET Index rose by 9.85 points, or 0.74 per cent, closing at 1,347 at close on Thursday, while transactions amounted to Bt77.8 billion. Positive news on a Covid-19 vaccine encouraged investors to buy tourism and logistics shares.

Meanwhile, there were mass buy-ups in bank shares after a sharp drop in price.

He recommended that investors buy:

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

▪︎ Tourism and hotel stocks that benefit from positive Covid-19 vaccine news, such as AOT, MINT and CENTEL.

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