Thai Stocks Expect to Extend Gains as Investors Monitor 2Q Earnings Season

Krungthai Zmico Securities expected the Thai stock market to extend its gain to challenge the resistance level at 1,550 points, otherwise, SET Index could face a selloff.

The driver would be the anticipation of 2Q21 earnings season, but the increase in Covid-19 infection rate that rose to a record high today and weak Thai baht would still pressure the market, which led to a fund outflow from Asian markets, especially Thailand.

 

In addition, the analyst advised investors to pick stocks with unique upside such as exports, transportations and sea freight that would benefit from weak baht. Meanwhile, investors should also monitor the Monetary Policy Meeting in the afternoon.