Major stock markets traded lower on Wednesday as concerns over the resurgence of Covid-19 pandemic in Europe and U.S. inflation, expected to be announced later today weighed the market down in the morning session.
Thailand’s SET Index opened at 1,652.01 points, increased 5.59 points or 0.34%.
As of 10:02 local time in Thailand, Nikkei fell 1.13%, SSEC dipped 0.17%, Hang Seng Index slipped 0.17%, ASX 200 dropped 0.03% and IDX Composite rose 0.020%.
Mr. Chaiyot Jiwangkul, Assistant Director of Krungsri Securities (KSS), through “Kaohoon Jor Talad Program” on November 24, 2021, stated that the Thai stock market would move in both positive and negative territory. Oil prices rebounded to $82 on reports of OPEC+ to slow down scheduled production output against the attempt to curb oil prices by releasing reserves from major oil consumption countries. However, the Covid-19 situation in Europe and the U.S. inflation announcement later today would be negative factors to the market.
Mr. Jiwangkul added that the refinery stocks are still very attractive despite a drop in gross refinery margin, picking Thai Oil (TOP) as top pick for refinery and Indorama Ventures (IVL) as top pick for petrochemicals.