Thai Stocks Fall ahead of Songkran Festival

The SET Index is expected to continue moving sideways in the afternoon session of Monday, 11 April in the range of 1,675-1,685, with a softer trading value ahead of the Songkran festival’s long holiday, said Phillip Securities.

At 15.13 hrs. local time in Thailand, the SET dropped 5.74 points or 0.34% to 1,680.26 points with a trading value of THB44,755 million.

An analyst at Phillip Securities said that Thai stocks fell on Monday in lockstep with the rest of the region’s markets as a result of a strong US dollar and hawkish Fed pressure, while Hong Kong and China stocks also suffered losses on Shanghai lockdowns.

For the Songkran investment theme, Phillip Securities recommends selective buy on 1) banking stocks with a positive 1Q22 outlook, 2) defensive stocks amid Fed pressure, 3) hospital stocks, and 4) country’s reopening plays.