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Several factors may pull down SET Index next week, analysts say

Sep 04. 2020
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By The Nation

Investors have been advised to keep an eye on the domestic political situation, additional economic stimulus measures, Covid-19 situation and tensions between US and China as it could affect the Stock Exchange of Thailand (SET) Index next week.

The SET Index on Thursday (September 3) closed at 1,311.95, down 0.86 per cent from the previous week, while total transactions stood at Bt49.165 billion, down 8.59 per cent from the previous week.

Meanwhile, the Market for Alternative Investment (mai) closed at 312.95, up 0.70 per cent from the previous week.

An analyst at Kasikorn Securities said the index fell at the start of the week due to foreign investors’ mass sell-offs in stocks, especially of banks and energy groups, after the MSCI cut investments in Thai shares from August 31 and uncertainty followed domestic political unrest.

“The index then rebounded in the middle of this week from economic stimulus measures, especially measures to stimulate spending before falling later in the week due to mass sell-offs to reduce risks before a long holiday, while investors were closely following the situation between US and China, as well as the political situation in Thailand,” the analyst said.

Next week, the analyst said he expects the index’s support line to be between 1,285 and 1,300 and the resistance line between 1,325 and 1,335.

“We recommend following the domestic political situation, additional economic stimulus measures, Covid-19 situation and tensions between US and China," he said.

"Internationally, we advise following US consumer and producer price indices in August, the European Central Bank's meeting, Japan and Europe's second-quarter gross domestic product and China’s economic data in August."

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