US Fed meeting outcome expected to arrest five days of gains for SET
The Stock Exchange of Thailand (SET) Index fell by 0.07 points to 1,601.84 on Friday morning.
The SET Index closed at 1,601.91 on Thursday, up 1.42 points or 0.09 per cent. Transactions totalled THB81.23 billion with an index high of 1,603.99 and a low of 1,595.69.
The SET rose for a fifth straight day after surging past the 1,600 mark on Wednesday.
Krungsri Securities forecast the index on Friday would fall to between 1,590 and 1,595 points despite the Centre for Covid-19 Situation Administration subcommittee proposing the easing of Covid-19 restrictions as domestic infections are declining.
It predicted the index would be under pressure due to investors' mass sell-offs of stocks in response to the US Federal Reserve's signal it would taper its quantitative easing programme by this year.
"Meanwhile, ongoing political issues would pressure the index," Krungsri Securities added.
It recommended selective buying as an investment strategy:
▪︎ AOT, CPN, CRC, HMPRO, AAV, BA, MINT, CENTEL, AMATA and WHA, which would benefit from the country's reopening.
▪︎ PSL, TTA and RCL, which would benefit from a rise in the freight rate.