SET falls amid rising Covid-19 cases in US and Europe, delay in US stimulus package
The Stock Exchange of Thailand (SET) Index fell by 6.52 points, or 0.54 per cent, to 1,201.45 in the morning session on Tuesday.
An analyst at Krungsri Securities expected the day’s index to fall to 1,200 points due to uncertainty over rising Covid-19 cases in the US and Europe, the delay in the rollout of US economic stimulus measures, and falling oil price.
"The number of Covid-19 cases in US hit a new high at 73,700 people last Friday," he said.
"Meanwhile, there is a possibility that the rollout of US economic stimulus measures will be made after the presidential election because there is no sign that House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin will reach an agreement."
However, he said the index would rebound from the Thai Parliament's extraordinary session to ease political tensions.
As an investment strategy, he recommended that investors buy TU, STGT, STA, CBG, SCC, IVL, COM7, SYNEX, ASIAN, DELTA, HANA, SVI and TVO, whose third-quarter performance is expected to improve.
The SET Index closed at 1,207.97 points on Monday, down 5.64 points or 0.46 per cent. Transactions totalled Bt41.59 billion with an index high of 1,215.79 and a low of 1,205.81.
