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Slew of factors to impact stocks, baht and gold next week

Nov 28. 2020
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By The Nation

Investors have been advised to follow key domestic and international developments as a mix of these would impact the Stock Exchange of Thailand (SET) Index, the baht and gold price next week.

The SET Index on Friday closed at 1,437.78, up 4.22 points or 0.29 per cent, with transactions amounting to Bt77.32 billion, buoyed by positive news of a Covid-19 vaccine.

Institutional investors and securities accounts made net buys of Bt1.66 billion and Bt1.43 billion respectively, while foreign and individual investors made net sales of Bt498.52 million and Bt2.60 billion respectively.

An analyst at Kasikorn Securities expected the SET next week to move between 1,430 and 1,470, advising investors to follow the Thai government's economic stimulus measures and the political situation, as well as the Covid-19 crisis, Brexit and the Opec+ meeting.

The baht closed at 30.29 to the US dollar on Friday.

A strategist at Kasikorn Research Centre expected the baht next week to move between 30.00 and 30.40 to the dollar. He advised investors to follow the Fed's statement, the currency market's response to president-elect Joe Biden's economic team, the Covid-19 crisis, China and the euro-zone's manufacturing and service purchasing managers' index.

Gold price on Friday closed at US$1,810.13 per ounce, while in Thailand it closed at Bt25,950 per baht weight.

An analyst at YLG Bullion International said there was limited upside for the price to rise amid hopes of AstraZeneca's Covid-19 vaccine.

He said if gold price cannot rise above the resistance line between $1,818 and $1,821 per ounce, the price would fall to the support line between $1,794 and $1,800 per ounce.

"However, the price would rise to $1,833 per ounce if it can rise through the current resistance line, so we advise investors to buy the precious metal when the price falls and sell some of it when the price rises," he said.

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