EV Stocks Lead Thai Market Higher in Morning Trade with a Gain of over 10pts

The Thai market surged more than 10 points in Tuesday’s morning trade, in line with foreign bourses, on the back of massive buying pressure in EV stocks such as EA and GPSC, as investors awaited today’s cabinet meeting to approve measures to promote electric vehicles (EV).

As of 11.06 hrs. local time in Thailand, the SET Index rose 12.96 points or 0.79% to 1,649.46 points, with a trading value of THB25,354 million.

According to Krungsri Securities (KSS), a gain in the Thai market this morning is expected as a result of the study indicating that omicron infections are milder than those caused by other variants, including the delta variant.

Stocks related to electric vehicles, or EVs, also rallied and outperformed the market in anticipation of further measurements to promote EVs at today’s cabinet meeting.

Meanwhile, crude oil climbed near one month high with prices close higher as traders priced in omicron variant will have limited impact on demand for oil. The WTI futures inched up by 0.37% to US$75.83 and the Brent futures inched up by 0.24% to US$78.79.