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SET falls almost 10 points over possible fresh wave of Covid-19 infections

Jul 14. 2020
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By THE NATION

The Stock Exchange of Thailand (SET) Index fell 9.21 points, or 0.69 per cent, to 1,333.16 in morning trade today (July 14).

A Krungsri Securities stock analyst predicted that the index would continue to move in negative territory – between 1,330 and 1,335 points – as investors are concerned about another round of possible lockdowns in the United States, as well as a feared new wave of Covid-19 infections in Thailand.

In the US, the California governor has ordered some venues to close again due to new virus infections. Also, two cases of foreigners bringing the virus into Thailand in the past few days are worrying investors as this could create a domino effect and possibly lead to a second wave of infections in the next two or three weeks, the analyst said.

At the same time, the crude oil price decreased after a rumour that the Opec+ grouping will consider increasing production tomorrow (July 15).

However, the analyst said the index could rebound from news of progress in a Covid-19 vaccine, developed by Pfizer in the US and Germany’s BioNTech.

He advised investors to buy food business stocks, such as TU, CPF, GFPT and TFG, and electronic business stocks, such as KCE, Delta, Hana and SVI, as a weakened baht was beneficial to them.

He also recommended stocks of companies which are expected to grow in the second quarter, such as Top, PTTGC, SPRC, SCC, BGrim, CKP, CPF, TU, Tasco, STA, STGT, SPALI, PRM, PTL, AJ, Stark and CBG, as well as stocks from firms like Intuch, TTW and DIF.

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