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SET hits 1,500 points, unfazed by rise in Covid-19 cases
EconDec 28. 2020
By The Nation
The Stock Exchange of Thailand (SET) Index rose by 16.74 points, or 1.13 per cent, to 1,503.05 in the morning session on Monday.
An analyst at Krungsri Securities expected the day’s index to hit 1,500 points before falling amid the Thai government’s zoning lockdown, window dressing and mass buy-ups of Super Savings Funds (SSFs) and Retirement Mutual Funds (RMFs) at the end of this year.
“However, the index would be under pressure from the rise in the number of domestic Covid-19 cases, tight SET valuation and the decline in foreign funds flow,” he said.
He recommended that investors buy:
▪︎ PTTEP, PTTGC, TOP and IVL, which benefit from rising oil price.
▪︎ PSL, TTA and RCL, which would benefit from the rise in the Baltic Dry Index.
▪︎ TQM, BLA, STGT, AJ, PTL, SYNEX and COM7, which benefit from the Covid-19 outbreak.
Meanwhile, an analyst at Tisco Securities expected the day’s index to fluctuate due to investors’ short-term speculation, SET’s limited upside and domestic Covid-19 situation.
“However, we do not expect the SET to fall below 1,450 points as we believe that window dressing and mass buy-ups of SSFs and RMFs will help support the index,” he said.
He estimated the index’s support line at between 1,465 and 1,475 and resistance line between 1,495 and 1,500.
He advised investors to sell shares to take profits when the index hits 1,500 and buy back when the index faces volatility.
“Also, we advise investors to stop loss when the SET closes below 1,450 points,” he added.
The SET Index closed at 1,486.31 on Friday, up 34.79 points or 2.40 per cent. Total transactions amounted to Bt88.24 billion with an index high of 1,486.84 and a low of 1,462.77, on the back of news that the European Union and Britain had reached a deal on Brexit.
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