Stocks in Asia traded in a mixed session as investors look forward to China trade data in August, expecting to release this morning.
As of 10:00 local time in Thailand on September 7, 2021, Nikkei rose 0.79%, Shanghai Composite gained 0.51%, Hang Seng Index increased 0.97%, ASX 200 fell 0.19% and IDX Composite slipped 0.12%.
Thailand’s Stock Exchange of Thailand (SET) Index opened at 1,652.46 points, increased 4.09 points or 0.25%.
Mr. Suchet Suktae, Deputy Managing Director, Media Marketing Department of ASL Securities Co.,Ltd. through “Kaohoon Jor Talad Program” on September 7, 2021, stated that the movement in the Thai stock market would move sideways for a few days to see the government adjustment after the vote of no confidence last weekend.
The report of dissolving the Center for COVID-19 Situation Administration (CCSA) could boost domestic sentiment, especially for trade, travelling and spending.
Mr. Suktae recommended focusing on “Buy on Weakness,” seeing a freight rate ticking down and recommended PSL, TTA and RCL that could potentially receive positive sentiment from the reopening and global trade.
Also, some of the hospital stocks have an attractiveness after the recent plummet. Mr. Suktae recommended BCH, which has an upside to Bt26.
In addition, Mr. Suktae noted that the Thai stock market this week should not drop lower than the support level of 1,630 points, while 1,660 being the resistance level. The overall outlook for SET Index remained at a target of 1,700 points.