Thursday, September 24, 2020

SET Index on the rise

Jul 22. 2020
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By THE NATION

The Stock Exchange of Thailand (SET) Index opened at 1,380 points this morning (July 22), increasing by 3.97 points from a close of 1,377 yesterday.

A Krungsri Securities analyst expected the index to move between 1,385 and 1,390 points today, supported by an EU agreement to stimulate economic recovery with a €750-billion (Bt27.2 trillion) fund.

Of this credit, €390 billion will be spent on helping businesses impacted by Covid-19 and €360 billion will be used for lending.

The market was also supported by the healthy performance of energy and petrochemical businesses.

However, the analyst forecast that the SET Index could fall if companies announce a decrease in turnover in the previous quarter. Besides, investors’ concern of a second wave of Covid-19 infections in the US was another negative factor that could affect the stock market.

He advised investors to purchase shares in food businesses, such as TU, CPF, GFPT, TFG and Asian, and in electronics, namely KCE, Delta, Hana and SVI.

The analyst also recommended stocks in businesses that were estimated to grow in the previous quarter – Top, PTTGC, SPRC, SCC, BGrim, CKP, CPF, TU, Tasco, STA, STGT, SPALI, AP, PRM, PTL, AJ, Stark, CBG, and TQM.

Energy stocks such as PTT, PTTEP, Top, PTTGC, IRPC, SPRC and IVL were also a worthy buy due to the increasing crude oil price, he added.

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