Tuesday, September 29, 2020

Budget delay, coronavirus may cast shadow over Thai bourse

Jan 24. 2020
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By The Nation

Tisco Research has predicted that the Stock Exchange of Thailand (SET) Index on Friday (January 24) will tend to slide due to the falling oil price, the outbreak of the new coronavirus which is affecting tourism, and the delay in the annual budget for fiscal year 2020.

Senior Tisco Securities strategist Apichat Poobunjirdkul said that the global stock market on Thursday (January 23) fell due to the increasing number of coronavirus patients, causing China to announce six cities as quarantine areas, resulting in a fall in the stock markets of China and Hong Kong.

“Meanwhile, US stocks dropped during the first phase trading, but recovered at the end. The oil price fell more than 2 per cent at the lowest price in a month's cycle due to decreasing demand,” he said.

“Hospital shares and stocks, which benefit during the economic downturn are groups that investors are interested in the support range of 1,565-70 and resistance of 1,585.”

He suggested that investors keep an eye on the SET Index because the index closed on Thursday at 1,575, which was suggested as the stop loss point.

“If investors cannot maintain at this point, they should stop loss and wait. For investments in the next 3-4 months, we recommend finding an opportunity when the stock is weak or swinging.”

The outstanding stocks in January are: AP, INTUCH, IRPC, KKP, SUSCO, TVO, and VNT. The outstanding stocks for this year are: CPALL, BJC, AEONTS, PLANB, SCB, AOT, PTTEP, PTT, TOP, SPRC, SPALI, and KKP.

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