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SET slides further amid Thai political unrest, US tussle over stimulus measures
EconOct 15. 2020
By The Nation
The Stock Exchange of Thailand (SET) Index fell by 10.16 points, or 0.80 per cent, to 1,253.83 in the morning session on Thursday.
An analyst at Krungsri Securities expected the index to fall to between 1,255 and 1,260 points due to the escalating political situation in Thailand and a US conflict on the rollout of economic stimulus measures in that country.
“After the anti-government protest in front of Government House ended, Khana Ratsadon 2563 [People’s Party 2020] announced it would continue their rally at 4pm on Thursday at Ratchaprasong Intersection. Meanwhile, the government declared a state of emergency in Bangkok to control the situation,” he explained.
The analyst added that uncertainty over weak commercial banks’ third-quarter performance would also pressure the index.
He recommended investors buy shares of:
> CRC, HMPro, JMart, Com7, and KTC that benefit from the government’s “Shop Dee Mee Kuen” (Shop and Payback) scheme.
> TU, PlanB, STGT, Com7, Asian and CBG, whose third-quarter performance is expected to grow.
The SET Index closed at 1,263.99 on Wednesday, down 9.44 points, or 0.74 per cent. Total transactions amounted to Bt51 billion, with an index high of 1,271.10 points and a low of 1,257.84.