SET up in opening trade, but ‘foreign fund outflows will pressure index’
The Stock Exchange of Thailand (SET) Index rose by 5.15 points or 0.32 per cent to 1,604.38 on Wednesday morning.
Krungsri Securities predicted the index would move between 1,590 and 1,610 points despite the US Federal Reserve signalling it would not speed up an interest rate hike, and the rising oil price.
However, the outflow of foreign funds would pressure the index, Krungsri Securities said.
It advised investors to follow the Bank of Thailand’s Monetary Policy Committee meeting, adding that the interest rate is expected to be maintained at 0.5 per cent.
It recommended investors buy:
▪︎ PTT, PTTEP, IVL and Banpu, which benefit from the rising oil price.
▪︎ Hana, KCE, TU, CPF and EPG, which benefit from a weakening baht.
▪︎ BCH, CHG, BDMS, Mint, Centel, ERW, AOT, CPAll, HMPro, CPN, CRC, AAV, Amata, WHA, BEM and BTS, which benefit from the country reopening.
The SET Index closed at 1,599.23 on Tuesday, down 1.90 points or 0.12 per cent. Transactions totalled THB81.59 billion with an index high of 1,613.66 and a low of 1,598.56.
