Stocks in Asia Trade Lower, Analyst Recommends Refinery Stocks in Response to Higher GRM
The analyst recommended refinery stocks after the gross refining margin edged higher to a 13-month high at $3 while Asia stocks traded lower.
Stocks in Asia traded lower in the morning session on April 27, 2021, as investors still monitor the development of the coronavirus outbreak, especially in India where daily new cases remained higher than 300,000 cases.
As of 9:40 local time in Thailand on Tuesday, Nikkei fell 0.18%, SSEC dipped 0.50%, HSI slipped 0.08%, ASX 200 dropped 0.50% and Kospi declined 0.16%.
Yesterday, SET Index closed at 1,559.53 points, increased 5.94 points or 0.38% with a trading value of 83.6 billion baht.
CGS-CIMB Securities (Thailand) stated that the Thai stock market could move in sideways trends after the recent moves had reflected the coronavirus cases in the country and the number started to decline, partly due to the government measures.
Still, the situation required Thailand’s Centre for COVID-19 Situation Administration (CCSA) to review, but the development in the market was considerably good.
CGS-CIMB recommended refinery stocks due to a sharp recovery in the refining margin to $3 per barrel for the first time in 13 months, while giving a support level at 1,550-1,544 points and a resistance level at 1,565-1,575 points for SET Index.