Major stock markets in Asia traded in a positive direction as the market bounced back from earlier losses this week.
As of 10:15 local time in Thailand, Nikkei rose 0.61%, SSEC gained 0.71%, Hang Seng Index increased 1.34%, ASX200 grew 1.01% and IDX Composite edged 0.43% higher.
Thailand’s SET Index opened at 1,663.71 points, increased 1.82 points or 0.11%.
Mr. Koraphat Vorachet, Capital Nomura Securities’ strategist, through “Kaohoon Jor Talad Program” on April 28, 2022, expected SET Index to rebound, seeing positive sentiment from better earnings of tech stocks in the U.S., while Covid-19 cases in Thailand started to slow down, giving a support level at 1,648 points and a resistance level at 1,668-1,678 points. However, the strategist added that the reduction of weighting on SCB by FTSE could pressure the market due to lower float. Nevertheless, the cut does not impact SCB’s fundamentals. The decline will be an opportunity for mid and long-term investors to accumulate.
Meanwhile, the soon-to-be increased diesel price in Thailand could have an impact on the buying power and logistics industry as well as manufacturing sectors.
The ongoing war between Russia and Ukraine will cause gas prices to go higher, impacting power generation stocks and construction-material stocks.