Tuesday, September 22, 2020

Limited upside potential for Thai bourse as second-quarter results start to roll out

Jul 11. 2020
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By THE NATION

Analysts forecast that the SET next week would move between 1,330 points to 1,370 points, while the resistance level of gold price in the future was around $1,792-$1,789 per ounce.

Asia Plus Securities said there would be no positive factor for the Stock Exchange of Thailand (SET) Index next week.

Numerous companies will announce their performance results in the second quarter during this period, and there is unlikely to be much to cheer. Also, the number of Covid-19 patients in several countries has been increasing, it added.

The stock market next week would move between 1,330 points to 1,370 points, the securities firm predicted.

The index on Friday (July 11) closed at 1,350 points, decreasing by 15.31 points or 1.12 per cent.

YLG Bullion International said that if gold price did not fall to the level lower than the resistance, investors could buy it for short-term speculation.

YLG estimated the resistance to be at around $1,792-$1,789 per ounce.

If the price did not fall from this resistance level, it would later increase, the company predicted, advising investors who cannot bear the high risk, to monitor the price level at between $1,811 to $1,818 per ounce.

Gold price on Friday was $1,804.63 per ounce, and Bt26,700 per baht weight in Thailand.

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