SET Index seen upper bound this week
Kasikorn Securities has predicted the Stock Exchange of Thailand (SET) Index to be upper bound this week (December 30 to January 3) in the range of 1,590 and 1,600 after it increased last week. They also forecast a lower bound SET index in the range of 1,565 and 1,555.
The index closed at 1,578.22 on Friday (December 27), up 0.34 per cent from the previous week. However, the daily trade value went down 39.4 per cent from the previous week to average a daily turnover of Bt34.4 billion. Fund flows from long-term equity funds and retirement mutual funds supported the market last week.
During 2019, as of December 27, the index moved in the range of 1,543.22 and 1,748.15. It peaked in the middle of the year and went down later due to the impact of the US-China trade war, uncertainty over Brexit, violence in Hong Kong and slower recovery of the Thai economy. External factors improved in the later months of the year and helped the Thai bourse recover some of the losses.
The SET Index ended the week on Friday at 1,578.22, up 0.92 per cent from last year’s closing of 1,563.88.
This week, the market awaits Bank of Thailand’s November economic report. Among key US economic data due this week is the Purchasing Managers’ Index (PMI) in December, and PMIs of China and euro-zone, also to be released this week.
