Stocks in Asia continued to trade in a mixed session on Wednesday, following the negative session in the U.S. S&P 500 overnight on concerns over potential economic slowdown from the coronavirus Delta variant. Meanwhile, Japan’s economic data in 2Q revised up to 1.9%.
As of 10:07 local time in Thailand on September 8, 2021, Nikkei rose 0.82%, Shanghai Composite gained 0.05%, Hang Seng Index increased 0.20%, ASX 200 dropped 0.31% and IDX Index fell 0.60%.
Thailand’s SET Index opened at 1,634.51 points, decreased 1.94 points or 0.12%.
Last night, S&P 500 closed lower by 0.34%, while the Nasdaq Composite rose to a record high, supported by big tech stocks. Apple rose 1.6% while Netflix gained 2.7% as both securities also hit a record high.
The mixed session in the U.S. exchange was due to concerns over the potential economic slowdown after Goldman Sachs downgraded U.S economic outlook from 6% to 5.7%.
Mr. Chaiyot Jiwangkul, Assistant Director of Krungsri Securities (KSS), through “Kaohoon Jor Talad Program” on September 8, 2021, stated that concerns in the market over a slow down were in line with expectations after a rally of over 100 points in two weeks in which a rebase movement is evident.
Meanwhile, the report of the possibility of dissolving CCSA and emergency decree would be a positive sentiment to the Thai market, but still needed further detail on the matter in the next few days.
As for short-term investment, Mr. Jiwangkul stated that the depreciation in Thai baht would reflect a positive outlook on exports stocks, raising TU as his top picks over strong earnings in 2Q21 and good business momentum overseas, giving a target price at ฿22.40/share.