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SET slumps on first trading morning of the New Year


The Stock Exchange of Thailand (SET) Index fell by 20.47 points, or 1.41 per cent, to 1,428.88 in the morning session on Monday.

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An analyst at Krungsri Securities expected the day's index to fall to between 1,420 and 1,435 due to uncertainty over the Covid-19 situation in Thailand as the government had imposed an emergency in 28 provinces to curb the virus, causing an impact on economic activities and investor confidence.

"Besides, the index would be under pressure from its tight valuation," he said.

He advised investors to follow the government's move to deal with the Covid-19 outbreak, the Manufacturing Purchasing Manager's Index in December of China, Europe and US and the US Senate election in Georgia, which will decide whether Democrats will gain a majority in the Congress or not.

He recommended that investors buy:

▪︎ PTTEP, PTTGC, TOP and IVL, which benefit from rising oil price and improved fourth-quarter performance.

▪︎ PSL, TTA and RCL, which would benefit from the rise in Baltic Dry Index.

▪︎ TQM, BLA, STGT, AJ, PTL, SYNEX and COM7, which benefit from the Covid-19 outbreak.

The SET Index closed at 1,449.35 on December 30, 2020, down 12.60 points or 0.86 per cent. Transactions, meanwhile, totalled Bt87.54 billion with an index high of 1,479.04 and a low of 1,445.36.

Published : January 04, 2021

By : The Nation