SET encounters upside resistance amid lack of positive factors
The Stock Exchange of Thailand (SET) Index on Monday (August 3) fell by 4.99 points, or 0.38 per cent, to 1,323.54 points.
Krungsri Securities expected the SET to move between 1,320 and 1,340, since there are no new factors to stimulate investment, despite investors deciding to buy the stocks of companies whose turnover would grow in the second quarter.
A Krungsri analyst added that the index this week would be pressured by the economic recession around the world, as well as a deadlock in passing a US remedial measure, after the two parties failed to agree on paying $600 a week to jobless people.
On Monday, the analyst advised investors to pick food business stocks, such as CPF, GFPT, TU, TFG or ASIAN. He said that electronics business stocks, for instance KCE, DELTA, HANA or SVI, would benefit from the overall weakening of the baht.
Companies whose turnovers would show growth in the second quarter include, TOP, PTTGC, SPRC, BGRIM, CKP, CPF, TU, TASCO, STGT, AP, PRM, PTL, AJ, STARK, CBG, TQM, JMT, CHAYO and TQM.