SCG Packaging Public Company Limited (SET: SCGP) saw a 4.80% or THB1.50 increase in stock price, reaching THB32.75 per share, following the positive news of the Chinese government aiming to recover its economy by purchasing unsold homes from troubling developers. Meanwhile, China’s retail sales increased by 2.3% in April compared to the previous year, as reported by the National Bureau of Statistics. Meanwhile, industrial production recorded a 6.7% increase in April compared to the same period last year, surpassing the anticipated growth rate of 5.5%.
Krungsri Securities viewed the acceleration in the industrial production index as supportive of the recovery of China’s manufacturing sector. The positive outlook has led to recommended target prices for various stocks, including SCGP (target price of THB38.5), PTTGC (target price of THB39.5), and IVL (target price of THB26.5).
