Major stock markets in Asia edged lower on Monday as oil price rose more than 1% in the morning session.
Thailand’s SET Index opened at 1,633.70 points, increased 7.48 points or 0.46%.
As of 10:03 local time in Thailand, Nikkei slipped 0.07%, SSEC rose 0.13%, Hang Seng Index dropped 0.28%, ASX 200 dipped 0.18% and IDX Composite increased 0.31%.
In the morning session of Asian markets on November 8, 2021, Brent crude rose 1.16% to trade at $83.70 per barrel and West Texas Intermediate gained 1.21% to trade at $82.25 per barrel.
Mr. Ekpawin Suntarapichard, investment strategist of the Siam Commercial Bank Securities (SCBS), through “Kaohoon Jor Talad Program” on November 8, 2021, stated that the overall outlook is better than last week as central banks showed easy signs on policy rates, while the OPEC+ decision to maintain adding 400,000 bpd of output each month despite the U.S. pledge could spur the energy sector.
Mr. Suntarapichard stated that the banking sector has a positive outlook for recovery in 4Q throughout next year, while the valuation is not expensive despite a series of rallies earlier, recommending KBANK and BBL.
Meanwhile, the power generator stocks also caught his eyes, expecting to recover next year along with higher demand from industrial users, recommending BGRIM and GPSC. The property sector that will benefit from the LTV measure is SPALI and AP.