Stocks in Asia traded in negative territory as China reported an increase in the consumer price index in August by 0.8% YoY, lower than expectations than a 1% forecast. Meanwhile, the producer price index rose 9.5% YoY to a 13-year high in August.
On September 9, 2021, SET Index opened at 1,638.52 points, fell 1.93 points or 0.12%.
As of 10:05 local time in Thailand, Nikkei dropped 0.46%, Shanghai Composite slipped 0.12%, Hang Seng Index fell 1.52%, ASX 200 plunged 1.41% and IDX Composite barely changed.
Earlier this morning, the Chinese National Bureau of Statistics (NBS) announced that China’s consumer price index (CPI) in August rose 0.8%, while the producer price index (PPI) rose 9.5%, the fastest pace since August 2008.
Mr. Suchet Suktae, Deputy Managing Director, Media Marketing Department of ASL Securities Co.,Ltd., through “Kaohoon Jor Talad Program” on September 9, 2021, stated that the overall movement in today’s session could be in sideways trends as Asian markets received negative impact from European and U.S. stock markets yesterday.
Mr. Suktae pointed to a surprise trading session yesterday after foreign investors returned with a 7.5 billion baht of net buy in yesterday’s session that resulted in a positive session, which rarely happened, and can be seen as confidence in Thai political issues.
The target of 1,700 index level can be achieved in October, according to Mr. Suktae. The slow down in SET Index this time opened the opportunity for investors to accumulate stocks, recommending SYNEX (sup. Bt24 / res. Bt27), ASIAN (sup. Bt18 / res.Bt21-22).