SET falls after foreign investors dump Thai shares

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The Stock Exchange of Thailand (SET) Index dropped by 1.68 points, or 0.13 per cent, to 1,303.89 in the morning session today (September 2) after foreign investors resorted to mass sell-offs of Thai shares.

An analyst at Krungsri Securities expected the index to rebound between 1,310 and 1,315 points before falling in response to a rise in the US manufacturing Purchasing Managers’ Index (PMI) in August.

“The US PMI in August rose to 53.1, the highest in a year,” the analyst said.

“The market did gain positive sentiment after the US moved to consider new Covid-19 relief measures.”

However, he warned investors to beware of market volatility because foreign investors’ funds continued to flow out.

He recommended that investors buy stocks whose third-quarter performance would improve, such as CPF, GFPT, TU, Asian, KCE, Hana, Delta, HMPro, Global, DoHome, Com7, JMT, CHG, BCH, PTG, PlanB, CBG and Tasco.

 

The SET Index closed at 1,305.57 yesterday, down 5.09 points, or 0.39 per cent. Total transactions amounted to Bt48.63 billion, with an index high of 1,316.68 points and a low of 1,301.014.

The index fell into negative territory following news that Finance Minister Predee Daochai had tendered his resignation less than a month after taking the post, citing health problems.

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