Analysts: SET index to pass 1,700 points
- Published: 2/04/2013 at 03:25 PM
- Online news:
Securities analysts believe the SET index will rise above 1,700 points this year, with a 1,625 average, and assets manager KTAM has raised its main index forecast to 1,750 points.
Securities Analysts Association secretary general Sombat Narawuthichai said on Tuesday that a survey by his association showed that analysts are predicting the SET index for the year will reach a high of 1,704 points.
The analysts projected the main index would be around 1,625 points on average in 2013, he added.
Mr Sombat said positive factors that will boost the stock market this year included the government’s planned investment in infrastructure development megaprojects, the better business performance of listed companies and the continuing foreign fund inflow to the capital market.
Stocks prices are displayed on an electronic stock board at Asia Plus Securities headquarters in Bangkok. (Bloomberg Photo)
The analysts projected economic growth for 2013 at 4.9%, while earnings per share growth is expected at 20.3%, he said.
The gold price as of the end of the year is projected to stay at 24,334 baht per baht weight, and foreign and institutional investors were expected to take a combined net buying position of 37 billion baht in 2013, he added.
On Tuesday, the Gold Traders Association announced buying prices of 21,830.40 baht per baht-weight for gold ornaments and 22,150 baht per baht-weight for gold bar.
The selling prices were set at 22,650 baht per baht-weight for gold ornaments, and 22,250 baht per baht-weight for gold bar.
The analysts suggested that the government should speed up its megaproject investment and budget spending and cut personal income to stimulate domestic consumption.
Somchai Boonnamsiri, chief executive officer of Krung Thai Asset Management Plc (KTAM), took the same tone.
He said KTAM had revised its SET index target for the end of 2013 to 1,750 points from the previous projection of 1,650 points.
Mr Somchai expected that profit of listed firms would grow by 22% this year, with a dividend payment rate of 3%.
The SET index on Tuesday gained 0.99 point, or 0.06%, to close at 1,550.54 points. The trade value was 46.74 billion baht, with 14.11 billion shares traded.
About the author
- Writer: Online Reporters
Position: Online Reporters