SET, Asian markets fall as fears of Covid-19 multiply

[rooster59]

SET, Asian markets fall as fears of Covid-19 multiply

By The Nation

 

 

The Stock Exchange of Thailand (SET) ended at 1,340.52 today (February 28), decreasing 54.56 points (3.91 per cent) over Thursday’s close with a high of 1,357.15 and a low of 1,337.00 on transactions worth a total of Bt86.502 billion. 

 

Krungsri Securities has predicted that the SET Index will fall to 1,355 points following global markets, as investors still remain under pressure from the worldwide spread of Covid-19.

 

A stock analyst at Krungsri Securities said that the increasing number of patients outside China had caused effects on the global economy, confidence among investors, and performance of listed companies.

 

“Meanwhile, crude oil price fell sharply due to contracting demand following the economic situation, which will be a negative sentiment on energy and petroleum stocks, as well as investment direction,” the stock analyst said. “We suggest buying stocks when the price is cheap, focusing on defensive stocks.”

 

The analyst explained that the SET Index on Thursday (February 27) rebounded by 28.67 points or 2.10 per cent to 1,395 with trade value of Bt74 billion due to a technical rebound following oversold conditions and investors buying in health, electronic and bank stocks that fell sharply earlier.

 

“Foreign investors made net sales of Bt110 million, and Bt11.153 billion in the bond market, while there are 27,751 net long TFEX contracts,” the stock analyst said.

 

Four types of stocks are recommended:

 

● Defensive stocks expected to pay high dividends, such as ADVANC, INTUCH, and TTW

 

● Electronic and food stocks, which will benefit from the weakening baht, such as KCE, HANA, DELTA, CPF, and TU

 

● Financial stocks, which will benefit from reduced financial costs after the Monetary Policy Committee cut the interest rate by 0.25 per cent, such as MTC, SAWAD, and KTC

 

● Stocks that Morgan Stanley Capital International (MSCI) will boost investments in, such as CRC, BTS, and BDMS.

 

Source: https://www.nationthailand.com/news/30383006

 

-- © Copyright The Nation Thailand 2020-02-29

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[bluesofa]

16 minutes ago, rooster59 said:

Krungsri Securities has predicted that the SET Index will fall to 1,355 points following global markets, as investors still remain under pressure from the worldwide spread of Covid-19.

They obviously need to put the Health Minister in charge of the SET, as he's got the MotoGP under control:

"Public Health Minister Anutin Charnvirakul has promised effective preventive measures against Covid-19 as Thailand is still determined to host MotoGP next month."

[bkk6060]

Apparently cases in Mexico and Africa now.

If it starts to spread in these countries forget it.

[Isaan sailor]

Didn’t mention the Baht rose 1% vs USD in the last few days.  Meanwhile, the Chinese Yuan managed a small gain.  Very suspicious indeed.

[Scott Tracy]

7 hours ago, bluesofa said:

Krungsri Securities has predicted that the SET Index will fall to 1,355 points following global markets, as investors still remain under pressure from the worldwide spread of Covid-19.

Charlatains. The strapline say it's already closed at 1340.52, so it's waaaaayyyyy past these idiot's predictions. Why does anyone give these so called analysts the time of day.