FRIDAY, March 29, 2024
nationthailand

SET rises on back of ECB move, window dressing purchase of stocks

SET rises on back of ECB move, window dressing purchase of stocks

The Stock Exchange of Thailand (SET) Index opened at 1,337.65, up 11.77 points, or 0.89 per cent, on Friday morning (June 26).

A stock analyst at Krungsri Securities expected the index to fluctuate between 1,315 and 1,340.
“The market gained positive sentiment from the European Central Bank allowing central banks outside the euro-zone to lend cash to mitigate the Covid-19 impact and mass buy-offs in stocks as window dressing,” the analyst said
“Meanwhile, Larry Kudlow, director of the US National Economic Council, revealed that the US government will not impose lockdown measures again although the number of new Covid-19 cases in the country were increasing sharply.”
The analyst, however, said that uncertainty following the economic recession after the International Monetary Fund cut the global gross domestic product this year from contracting 3 per cent to contracting 4.9 per cent would plunge the index.
“In addition, the index would be under pressure from foreign investors’ move to reduce capital flows into the country.”
He recommended the following stocks:
▪ Defensive stocks, such as INTUCH,TTW, and DIF.
▪ Stocks that were added to the SET50 and SET100 calculations -- BPP, TTW, ACE, BFIT, DOHOME, RBF, SIRI, SISB, SPCG, TVO, and WHAUP.

The SET Index fell by 7.55 points on Thursday (June 25), closing at 1,326. Total transactions amounted to Bt60 billion.
Foreign investors made net sales of Bt740 million in stocks, but made net buys of Bt1.754 billion in bonds. There were 5,141 net long TFEX SET50 contracts.

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