Worries over rollout of US stimulus package, Thai political unrest seen as pressuring SET
The Stock Exchange of Thailand (SET) Index rose by 7.67 points, or 0.63 per cent, to 1,216.42 in the morning session on Tuesday.
An analyst at Krungsri Securities expected the index to fall below 1,200 points, as the market did not expect the US economic stimulus measures to be launched before the presidential election after House speaker Nancy Pelosi set up a 48-hour deadline to launch the stimulus bill.
"Also, uncertainty over Thailand's political unrest, as protesters held rallies in many places nationwide, would pressure the market," he said.
However, he expected that the special parliamentary meeting would help relieve political tension.
As an investment strategy, he recommended that investors buy:
▪︎ PTTGC, IVL and TOP that will benefit from the rising oil price.
▪︎ TU, STGT, CBG, SCC, IVL, COM7, ASIAN, DELTA and HANA, whose third-quarter performance is expected to grow.
The SET Index closed at 1,208.75 on Monday, down 24.93 points or 2.02 per cent. The volume of total transactions was Bt54 billion, with an index high of 1,223.15 and a low of 1,205.61.
