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SET rises over hope for Biden presidency, rising oil price

EconNov 05. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index rose by 16.06 points, or 1.31 per cent, to 1,238.50 in the morning session on Thursday.

An analyst at Krungsri Securities expected the day’s index to hit 1,230 points before falling on hopes that former vice president Joe Biden would win the US presidential election, as well as the rising oil price. He added that if Biden wins, it would lead to positive sentiment in trade relations and the certain rollout of economic stimulus measures.

“However, investors should beware of market volatility and mass sell-offs in stocks in line with technical indicators,” he warned.

He advised investors to monitor the US presidential election closely as it is still not over until firm results.

“US President Donald Trump is likely to approach the Supreme Court to fight the election results in two swing states, namely Wisconsin and Michigan,” the analyst added.

He recommended investors buy STGT, STA, CBG, IVL, EPG, AP, Com7, Synex, Asian, Hana, SVI and TVO, whose third-quarter performance is expected to improve.

The SET Index closed at 1,222.44 on Wednesday, up 1.11 points, or 0.09 per cent. Total transactions amounted to Bt49.80 billion, with an index high of 1,231.05 points and a low of 1,214.49.