Daily Strategy: KSS Says Tourism and Retail Are Outperforming, Recomm. CPALL and HMPRO

Major stock markets in Asia traded in a mixed session on Wednesday amid a slower economic recovery forecast due to Russia’s war in Ukraine.

As of 10:11 local time in Thailand on April 20, 2022, Nikkei rose 0.57%, SSEC fell 0.44%, Hang Seng Index dropped 0.10%, ASX 200 gained 0.33% and IDX Composite increased 0.25%.

Thailand’s SET Index opened at 1,679.80 points, increased 4.18 points or 0.25%.


The International Monetary Fund (IMF) has cut its forecast for global economic growth in 2022-23 by nearly a full percentage point from a 4.4% growth to 3.6% citing Russia’s war in Ukraine and warned that inflation has emerged as a “clear and present danger” for many countries.

The cut came not long after the World Bank lowered its global growth forecast by nearly a full percentage point as well, slashing economic growth from 4.1% to 3.2% for the same reason.


Mr. Chaiyot Jiwangkul, Assistant Director of Krungsri Securities (KSS), through “Kaohoon Jor Talad Program” on April 20, 2022, stated that the upside for SET Index is limited due to weak domestic sentiment except rising tourist arrivals.

Mr. Jiwangkul recommended investors to monitor the situation in Russia over the western sanctions that did not seem to take effect as they had hoped, seeing Russian ruble recovered to pre-war level, while also reporting trade surplus as well. The analyst expected more sanction to come from western allies.

Inflow from foreign investors in recent days was focusing on the border reopening and should be able to overshadow concerns of indirect impact from Russia’s war in Ukraine that results in rising production costs of listed companies.

Mr. Jiwangkul said that the tourism and retail sector have been outperforming the market recently, recommending CPALL and HMPRO.