SET rises over 1,500 points, but tight valuation, mass share sell-offs before long holiday cast shadow
The Stock Exchange of Thailand (SET) Index rose by 22.72 points, or 1.54 per cent, to 1,501.64 in the morning session on Wednesday.
An analyst at Krungsri Securities expected the day’s index to rise to between 1,490 and 1,500 points from foreign fund inflows in response to positive news of a Covid-19 vaccine, adding that this positive sentiment is also benefiting large-cap stocks.
“However, we still advise investors to undertake short-term speculation as the SET would come under pressure from its tight valuation and mass sell-offs of shares to reduce risks during the upcoming long holiday,” he said.
He recommended investors buy:
> Laggard shares in the SET50 Index, such as EGCO, TCAP, DTAC, KTB, TMB, SCB, BCP and TOP.
> MINT, CENTEL and AOT that benefit from positive news of a Covid-19 vaccine.
The SET Index closed at 1,478.92 on Tuesday, up 29.09 points, or 2.01 per cent. Total transactions amounted to Bt123.46 billion, with an index high of 1,484.73 points and a low of 1,442.65.
