Sun, October 17, 2021


Stocks gain on Biden's stimulus plans, rising oil price

The Stock Exchange of Thailand (SET) Index rose by 6.72 points, or 0.44 per cent, to 1,542.70 in the morning session on Friday.

An analyst at Krungsri Securities forecast the day's index to fluctuate between 1,525 and 1,550 amid US President-elect Joe Biden's planned US$1.9-trillion economic stimulus measures and rising oil price.

"However, the SET would be under pressure due to its tight valuation and the decline in funds inflows," he said, adding that the index's price-to-earnings ratio was 30 times.

He recommended that investors buy:

▪︎ PTTEP, PTTGC, TOP and IVL, which benefit from rising oil price, while fourth-quarter turnover was expected to improve.

▪︎ EPG, SCGP, TVO, CBG, RCL, SYNEX, XO, WICE, JMT, MTC and SAWAD, whose fourth-quarter performance is expected to improve.

▪︎ ADVANC, INTUCH, AP, SIRI and WHAUP, which pay high dividends.

The SET Index closed at 1,535.98 on Thursday, down 11.33 points or 0.73 per cent. Total transactions amounted to Bt97 billion due to mass sell-off of DELTA shares after its price dropped sharply, while investors delayed investments to monitor Biden's measures to stimulate the economy.

Published : January 15, 2021

By : The Nation