Monday, August 02, 2021

business

SET under short-term pressure as investors keep an eye on US Fed meeting


The Stock Exchange of Thailand (SET) Index rose by 0.09 points, or 0.01 per cent, to 1,559.62 in the morning session on Tuesday. The volume of total transactions was THB11.70 billion with an index high of 1,564.87 and a low of 1,558.75.

A Krungsri Securities analyst forecast the SET Index would fluctuate between 1,550 and 1,570 as investors would delay their investments to follow the US Federal Reserve meeting on April 27-28.

It is expected that the Fed would maintain the interest rate at 0.25 per cent and continue the quantitative easing policy.

He said uncertainty over higher Covid-19 cases in Thailand and volatility in foreign funds flow would pressure the index.

"However, the index would rebound from investors speculating on stocks that gain positive sentiment and whose first-quarter performance is likely to improve," he said.

He recommended that investors buy:

▪︎ PSL, TTA and RCL, which would benefit from a rise in the freight rate.

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

▪︎ PTTGC, IVL, EPG, SCGP, SCC, CPF, BCH, CHG, STGT, GLOBAL, DOHOME, COM7, SYNEX, STARK and TWPC, whose first-quarter turnover is expected to improve.

 

The SET Index closed at 1,559.53 on Monday, up 5.94 points or 0.38 per cent. Total transactions amounted to THB83 billion with an index high of 1,561.52 and a low of 1,544.10.

Published : April 27, 2021

By : The Nation