Opec failure to reach deal on output reins in stock market buoyed by Fed stimulus

News
Krungsri Securities predicted that the Stock Exchange of Thailand (SET) Index on Friday (April 10) would swing between 1,200 to 1,230 points, although the stock market has been buoyed by the US Fed’s economic stimulus policies and a fall in the number of Covid-19 patients in Thailand and other countries.

However the price of crude oil, which fell by 9 per cent due to the disappointment of investors at the failure of Oil and Petroleum Exporting Countries to reach an agreement on reducing oil production to 10 billion barrels per day, was a negative factor for energy and petrochemical stocks.

The stock markets in several countries will be closed for Good Friday, causing a fluctuation in the market.

Stock analysts at Krungsri Securities advised investors to purchase stocks in the retail sector (CRC, HMPRO, GLOBAL) and tourism (AOT, CENTEL, MINT, ERW), which was advantageous at this time when the number of new Covid-19 patients was starting to decline.

Also, they suggested stocks which were impacted slightly by the virus, such as ICT sector (ADVANC, INTUCH, DTAC) and food (CPF). Other interesting stocks were defensive ones with high dividend yield, such as TTW and BCPG.

On Thursday (April 9), the SET Index closed at 1,210.48, up 4.71 points or 0.39 per cent. Total trade amounted to Bt83.662 billion. The index hit a high of 1,243.50 and a low of 1,202.25.