SET climbs on positive US stimulus news; banking and energy sector benefits the most

The Stock Exchange of Thailand (SET) index rose beyond 1,500 points, up 22.09 points or 1.48 per cent on Thursday, led by stocks in the banking and energy sectors.

The trading value during the intermission stood around 63 billion baht.

Analysts at UOB Kay Hian Securities said that Thai stock rose in the morning session in line with most foreign markets following optimism over more US stimulus measures to cope with the coronavirus outbreak.

“The inflation rate will likely be higher together with an increase in US bond yield. The banking and energy sector will benefit from this change,” analysts at UOB said.

Those benefiting from the new development includes KBANK (+4.72 per cent), KTC(16.98 per cent), TMB(+6.96 per cent), GPSC(+3.76 per cent), and EA(-0.40 per cent).

Analysts at SCB Securities (SCBS) expect the SET index to move sideways between 1,460 – 1,520 points, with a possible sell-off at above 1,500 points when valuation becomes tight.

“The oil-related stocks and banks will support the market as they are also backed by the rise in oil prices and bond yield,” analysts at SCB said.

However, an analyst at Krungsri Securities, Isara Ordeedolchest, said that open-market-operations (OMP) could keep pushing up the long-end of the US curve.

“We expect a positive share price reaction for Energy, Petrochem, Banking and Transportation counters which have the strongest correlation with steepening bond yields,” Isara said.

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