Thai Stock Market Roundup on May 29, 2020

– SET Index closed at 1,342.85 points, increased 5.34 points or 0.40% with a trading value of 96.1 billion baht. The analyst stated that SET Index was very fluctuating, but still being able to close higher. Meanwhile, European markets and Dow Jones Futures also declined due to concerns over the new legislation in Hong Kong that could trigger a violent protest as well as the trade war between the U.S. and China.

However, SET Index had positive sentiment over the phase 3 easing along with less curfew hours. Although the Thai stock market had high valuation, the analyst did not view it as negative, and still believed to have more investment coming.

The analyst expected a sideways to sideways up movement for next week’s sessions, giving a support level at 1,320 points and a resistance level at 1,360 points.

– Foreign Investors’ huge net buy at the amount of 5.5 billion baht buoyed SET Index by 5pts amid volatility in the global market.

– 7UP planned for a stock split to 0.50 baht per share to erase all the deficit.

– TRITN gradually accumulated GLOCON. Currently holds 13%.

– SET allowed a 30-day temporary trading for PACE and HYDRO, starting June 4.

– CENTEL budgeted JPY5,000mn in a joint venture of Centara Grand Hotel Osaka in Japan.

– NOBLE denied the news of taking over LPN.

– Analyst expected PRM’s profit to hit higher on strong FSU performance, giving a “BUY” recommendation with a target price at ฿9.70/share.

– Analyst saw limited impact of COVID on GUNKUL, giving “BUY” recommendation with a target price at ฿3.60/share.

– PTT cut ฿15bn from the 2020 investment plan due to Covid-19 pandemic and oil price war.

– Thai economy continued to contract in April as Covid-19 halted the tourism and exports sectors.

– Stocks in Focus on May 29, 2020: SEAFCO (Tisco Securities TP at ฿8.20/share) and MTC (Krungsri Securities TP at ฿58.00/share).

 

Top 10 Most Impact Shares on May 29, 2020