1) KTBST expects SET Index to rebound and recommends SCGP, SCC, PTTGC and IRPC
KTBST Securities (KTBST) expected the Thai stock market to rebound as buying power in the global stocks returned, seeing an opportunity for short-term speculation. For long-term investment, KTBST recommended investors to accumulate and advised to wait for upcoming events to develop such as Powell’s statement to the Congress (22 June), EU meeting (23 June). The analyst recommended laggard stocks such as SCGP, SCC, PTTGC and IRPC in a speculation for a rebound.
2) Oil prices edge higher as concerns return to the market
Oil prices edged higher on Tuesday, slowly climbing back from a sharp plunge late last week.
The international benchmark Brent crude rose 1.38% while West Texas Intermediate gained 2.23%. Supply concerns were pushing the market higher as the western sanctions caused Russian oil to be out of reach.
3) Europe signals for more coal power to survive this winter
European countries are considering pumping more coal as they are racing to find an alternative route to replace Russian gas for this winter.
Germany, Italy, Austria and the Netherlands are among European countries signalling coal-fired power plants could help see them through a crisis that has caused gas prices to surge.
4) Bank of Korea expects 2022 inflation to exceed earlier forecast
The Bank of Korea said that annual average inflation could go beyond the earlier forecast of 4.5% and added that it does not rule out the possibility of inflation exceeding the 4.7% reached in 2008.
The shift came as inflation in May accelerated for a fourth straight month to 5.4%, which was the fastest annual rise since August 2008. The rate was higher than the central bank’s target rate of 2%.
Last month, the Bank of Korea raised its interest rates by 25 basis points to 1.75%.