Major stock markets in Asia traded lower on Tuesday as investors are monitoring the Covid-19 situation in China after the government reported a surge in cases in the past few days, while some areas are being locked down. Moreover, the U.S. inflation is expected at 8.4% in March, the fastest pace since the early 1980s.
As of 10:21 local time in Thailand on April 12, 2022, Nikkei plunged 1.36%, SSEC fell 0.43%, Hang Seng Index dropped 0.65%, ASX 200 decreased 0.52% while IDX Composite rose 0.41%.
Thailand’s SET Index opened at 1,670.57 points, decreased 7.89 points or 0.47%.
Economists and analysts expected the U.S. inflation to rise at an annual rate of 8.4% in March, much higher than 7.9% in February and would be the fastest pace since the early 1980s. Credit Suisse, Morgan Stanley, Citi and Goldman are among financial firms that expected inflation to rise higher than the consensus at 8.6%.
The data is scheduled to be released on April 12, 2022.
Mr. Suchet Suktae, Deputy Managing Director, Media Marketing Department of ASL Securities Co., Ltd., through “Kaohoon Jor Talad Program” on April 12, 2022, stated that the overall outlook in Asian market is still negative, but only slightly except for Japanese stocks. Mr. Suktae expected SET Index should not drop lower than 1,675 points and the lowest could be at 1,670 points, following a three-day holiday this week.
Mr. Suktae recommended IMH (S18.80/R21-22), BLA (S42/R45-46), PTT (S37/R40), BCH (S22.40/R23-23.50) and THANI recommended “BUY” if being able to stand above THB4.24 per share.