Tuesday, October 20, 2020

SET slides over second Covid-19 wave, delay in US economic stimulus measures

Sep 24. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index fell by 5.70 points, or 0.45 per cent, to 1,258.31 in the morning session today (September 24).

An analyst at Krungsri Securities expected the index to fall to 1,250 points due to uncertainty after a number of countries moved to intensify lockdowns to contain the spread of Covid-19.

“On Wednesday night [September 23], the US Purchasing Managers’ Index dropped to its lowest in two months, while the Dow Jones Index fell more than 525 points due to uncertainty over a delay in the rollout of US economic stimulus measures,” he pointed out.

“The measures are under Congress consideration, while the market expects the rollout to be delayed until the end of the presidential election,” he added.

He recommended investors buy:

> Stocks whose third-quarter performance will improve, such as TU, Asian, Com7, CHG, PTG and PlanB.

> Stocks that benefit from the weakening baht, such as Delta, Hana, KCE and SMT.

The SET Index closed at 1,264.01 yesterday, down 3.62 points, or 0.29 per cent.

Total transactions amounted to Bt50.70 billion, with an index high of 1,272.59 points and a low of 1,260.64.

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