Krungsri Securities (KSS) expected a weak trading session for Thailand’s SET Index within the range of 1,405-1,410 points as the market lacks positive drivers. Even though the market was speculating on the US Fed ending its rate-hike cycle, foreign flows continued to leave Thailand. Meanwhile, the decline in oil prices after high US inventories and delay of OPEC+ meeting will pressure the energy sector. Thus, the analyst recommended investors to look for stocks that have unique catalysts.
Oil prices last night fell as much as 5% after the OPEC+ delayed the meeting that was scheduled to be this weekend without any clarification for the reason of this postponement. Prices were down around $3, but managed to pare most of the losses.
U.S. crude closed at $77.10 a barrel, fell $0.67 or 0.86%. Meanwhile, the international benchmark Brent crude dropped $0.49 or 0.59% to settle at $81.96 a barrel.
Several reports stated that the group ran into some trouble amid Saudi dissatisfaction with other members’ oil production levels.
The meeting has been postponed to November 30.
Jack Ma decided to hold off on plans to sell his stake in the Chinese e-commerce giant Alibaba after the plummet of share price recently.
According to Alibaba’s Chief People Officer Jane Jiang as reported by CNBC, the founder of e-commerce giant Alibaba has not sold a single share of the company.
Regulatory filings of Alibaba last week showed that Ma is looking to sell 10 million shares at a value of around $870 million.