Stocks in Thai bourse to remain under pressure amid coronavirus crisis
Tisco Research has predicted that the Stock Exchange of Thailand (SET) Index on Tuesday (January 28) will remain under pressure but it is expected to be less severe than Monday’s plunge.
Senior Tisco Securities strategist Apichat Poobunjirdkul said that the SET Index will be depressed by the coronavirus outbreak and the drop in the value of the baht, which fell to Bt30.80 to the dollar, impacting oil prices, tourism, and investment.
“Many Asian stock markets are still closed for the Chinese New Year holidays, while stocks in the US and Europe fell by 1-2 per cent due to uncertainty following the virus outbreak. Currently, the number of patients had increased to 2,927 people and Germany has found its first coronavirus patient,” he said.
“Meanwhile, the oil price has fallen below US$53 because travel from China had decreased.”
He suggested that investors monitor the situation because they foresee increasing risks during the downtrend.
“If the index falls below 1,500 points, it may fall to the support point between 1,480-1,460, so we suggest that investors go for the short term to cut losses and monitor the situation,” he said.
“For investments in the 3-4 month cycle, we recommend finding an opportunity when the stock is weak or swinging and wait until the virus outbreak is resolved.”
The outstanding stocks in January are: AP, INTUCH, IRPC, KKP, SUSCO, TVO and VNT. The outstanding stocks for this year are: CPALL, B1JC, AEONTS, PLANB, SCB, AOT, PTTEP, PTT, TOP, SPRC, SPALI, and KKP.
The SET Index closed this morning at 1,531.02, up 6.87 points, or 0.45 per cent.