Globlex Securities expects the Thai stock market to move sideways down this week as recession fears mount after many countries have raised interest rates this year in a bid to curb the most rapid inflation in decades.
The SET Index is projected to move in the range of 1,520-1,580.
The market will remain focused on economic data such as import-export statistics (anticipated release in the fourth week of June), the Bank of Thailand’s new monetary policy, Thailand’s vehicle production, manufacturing production index, and economic condition report.
In the meantime, the market is also awaiting Fed Chair Powell Testifies on June 22-23, Eurozone flash manufacturing & services PMI, US unemployment claims, US existing home sales, and June CPI.
Globlex recommends investors to accumulate ERW, CENTEL, BA, AAV, AOT, ASAP, and SPA in order to capitalize on the country’s reopening and new government stimulus packages aimed at boosting domestic tourism.