Brokers expect the Stock Exchange of Thailand (SET) to continue to fluctuate on Wednesday with added pressures from oil prices and the International Monetary Fund (IMF)’s latest GDP predictions.
The international benchmark, Brent crude, fell more than 5 per cent on Tuesday as drops in demand outweighed OPEC+ production cut. The IMF also predict that the global GDP will contract by 3 per cent in 2020, which would be its worst performance since the Great Depression in 1930.
However, the situation in Thailand is improving with a decrease in rate of new confirmed coronavirus cases and talks of easing the lockdown and reopening businesses.
Finansia Syrus Securities said the focal point will be the announcement of listed companies’ first quarter performance that will start to come out on Thursday. The latest Bloomberg consensus on earnings for SET is 77.1 baht per share which is down by 9.8 per cent year-on-year so far, they noted.
The firm sees the index in the range of 1230-1270 on Wednesday. Krungsri Securities also sees the index in a similar range at 1245-1270 after it closed at 1256.35 points, up 19.57 points or 1.58 per cent on Tuesday.
