The SET Index continues another turbulent trading week as concerns global economic uncertainty amid a rapid Fed rate hike remains, along with selling pressure ahead of the three-day holiday.
As of 15.35 hrs. local time in Thailand, the SET Index rose 0.87 points, or 0.05% to 1,585.39 points, with a total trading value of THB57,879 million.
The index has closed in the negative for two days in a row. However, analysts predict that the SET Index may experience a short-term rebound between 1,570 and 1,600 points. The movement is likely to follow that of major stock markets in Asia, which traded higher on Friday following a sharp decline in the previous day, despite the Fed’s announcement that reducing inflation is its top priority.
Krungsri Securities said that investor sentiment will be bolstered by advances in regional markets and high oil prices after Ukraine halted the delivery of Russian natural gas to Europe. However, fears of a slowing global economy in the midst of a Fed rate hike and selling pressure ahead of a three-day weekend could potentially depress the market. Recommended stocks are IVL (TP: THB60.00) and PSL (TP: THB25.00).
