Monday, August 02, 2021

business

Strong US data, overbought stocks expected to pressure SET


The Stock Exchange of Thailand (SET) Index rose by 1.21 points, or 0.08 per cent, to 1,597.48 in the morning session on Monday.

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A Krungsri Securities analyst expected the SET Index to rise to between 1,600 and 1,605 before falling over rising US non-farm payroll and falling jobless claims, plus a US$2.26-trillion infrastructure plan.

However, uncertainty over rising US bond yield and signs of overbought stocks would pressure the index, he said.

He recommended that investors buy:

▪︎ EA, GPSC and BBP, which benefit from the Thai government's move to promote electric cars.

▪︎ AOT, MINT, CENTEL, AAV, BA, CPN, CRC, MAJOR, BDMS and BH, which benefit from Thailand's Covid-19 vaccination programme and the government's move to reopen the country to foreign tourists.

▪︎ HANA, KCE, TU and CPF, which benefit from the weakening baht.

The SET Index closed at 1,596.27 on Friday, up 1.15 points or 0.07 per cent. The volume of total transactions was Bt76 billion with an index high of 1,606.41 and a low of 1,595.31.

Published : April 05, 2021

By : The Nation