Saturday, November 28, 2020

SET sinks below 1,200 points amid economic slowdown, political unrest, falling oil price

Oct 29. 2020
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By The Nation

The Stock Exchange of Thailand (SET) Index fell by 10.76 points, or 0.89 per cent, to 1,197.18 in the morning session on Thursday.

An analyst at Krungsri Securities expected the day’s index to fall to between 1,190 and 1,200 points due to an economic slowdown after Germany and France imposed lockdowns to contain the spread of Covid-19.

“Meanwhile, the falling oil price and domestic political unrest would pressure investment,” he predicted.

The analyst said the Dow Jones Index fell by 943 points for the fourth consecutive day due to an increase in Covid-19 cases worldwide, especially in the US and Europe, a delay in the rollout of fresh US economic stimulus measures, and mass sell-offs in stocks to mitigate risks before the US presidential election on November 3.

He recommended investors buy TU, STGT, STA, CBG, SCC, IVL, Com7, Synex, Asian, Hana, SVI and TVO, whose third-quarter performance was expected to improve.

The SET Index closed at 1,207.94 on Wednesday, down 1.01 points, or 0.08 per cent. Total transactions amounted to Bt55 billion, with an index high of 1,217.88 points and a low of 1,205.88.

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