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Foreign fund inflows will push SET up to 1,600 points, say analysts (nationthailand.com)

Foreign fund inflows will push SET up to 1,600 points, say analysts

EconDec 15. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index is expected to hit 1,600 points at the beginning of next year thanks to foreign fund inflows, experts said.

Wijit Arayapisit, a research department strategist at Maybank Kim Eng Securities, expects the index to hit 1,600 points from signs of economic recovery, positive news of Covid-19 vaccine, improved liquidity, foreign fund inflow and analysts’ forecast adjustment.

“We expect the economy to recover next year from the lowest point this year, though we do not expect to see a mass sell-off of shares, which was seen in previous years,” he said.

Therdsak Thaveeteeratham, executive vice president for research at Asia Plus Securities, also expects more foreign funds to flow into Thai stock market next year as more foreign investors are paying attention to risk assets.

He expects SET to hit 1,550 points next year from signs of economic recovery as the country’s third-quarter gross domestic product (GDP) showed better than expected results.

“SET skyrocketed in the last two months. Thanks to hopes over Covid-19 vaccine and non-violent political situation which encouraged investors to invest in stock markets, especially in the Asian region,” he said.

Padermpob Songkroh, managing director at Yuanta Securities expected SET in the next six months to rise as the country’s economy is expected to bottom out which can be seen in the improvement of third-quarter GDP.

“Therefore, we expect the country’s GDP in the fourth-quarter this year to rise further,” he said.

Kavee Chukitkasem, deputy managing director at Kasikorn Securities, said he expects SET to hit 1,562 points next year from foreign fund inflow amid the economic recovery.

However, he advised long-term investors not to buy Thai shares because they are overpriced and not very attractive for foreign investors.

“SET may hit 1,600 points as the country’s GDP is expected to rise until the second quarter next year, but the GDP figures will return to normal in the remainder of next year,” he said.