Upward fluctuations are expected for the Stock Exchange of Thailand (SET) on Tuesday as the number of confirmed coronavirus cases is stabilizing and the government is reopening some businesses during the State of Emergency.
The outbreak elsewhere is still worrisome for many investors as the oil price war is dissipating. However, Saudi Arabia has decided that its official crude pricing (OSP) for May will be cheaper for Asia to reflect the weak demand here. The move was expected by the market.
With Nonthaburi reopening some businesses and the World Health Organization already testing three vaccine candidates in human trials, the sentiment for the SET is most likely going to be positive on Tuesday, Yuanta Securities said.
They urge investors to keep an eye out for banks’ first quarter results as they are expected to be bad. Instead, they suggest investing on shares within ICT, and the agriculture and food sectors since there is more optimism for their first quarter results. They see the index in the range of 1210-1253 on Tuesday.
The index closed at 1236.78 points, up 8.75 points or 0.71 per cent on Monday. Krungsri Securities also sees positive movement for the SET as more measures on the drought are incoming from the Cabinet meeting on Tuesday. They expect the index to be in the range of 1240-1250.
The index already traded up by 1.7 per cent to 1258 as of 10:00am on Tuesday.
