Limited upside for SET amid funds outflow due to concerns on Covid situation
The Stock Exchange of Thailand (SET) Index rose by 8.83 points, or 0.56 per cent, to 1,588.11 on Tuesday morning.
The SET Index closed at 1,579.28 on Monday, up 0.79 points or 0.05 per cent. Transactions totalled THB58.23 billion with an index high of 1,582.46 and a low of 1,573.67.
Krungsri Securities predicted the index on Tuesday would fluctuate between 1,570 and 1,590 points despite oil price rising to over US$76 per barrel after Opec+ postponed the meeting due to conflict within the group on extending output cuts.
Uncertainty over higher Covid-19 cases in Thailand and the outflow of foreign funds would pressure the index, Krungsri Securities said.
It recommended that investors buy:
▪︎ PTT, PTTEP and TOP, which benefit from the rising oil price.
▪︎ HANA, KCE, TU, CPF, ASIAN and EPG, which benefit from the weakening baht.
▪︎ BCH, CHG, BDMS, HMPRO, GLOBAL, BEM, CKP, CBG and ICHI, whose second-quarter business turnover is expected to improve.
