Kasikorn Securities expects the Thai stocks trend to continue to stabilize in the 1,350-1,380 points range today, and recommends buying SNNP, which has fallen significantly, and PRM, which has the potential to generate additional income.
Analysts at Kasikorn Securities Public Company Limited revealed the direction of the Thai stock market on the morning of August 29, 2024, expecting the SET Index of the Thai Stock Exchange to continue to stabilize in the range of 1,350-1,380 points.
US stocks closed lower with the Dow Jones -0.39%, the S&P 500 -0.60%, the Nasdaq -1.12% and the Russell 2000 -0.65% due to a decline in the chip sector ahead of Nvidia's after-market earnings report including concerns over Super Micro Computer (SMCI) shares, which fell more than 19% after the company announced it would halt its annual 10K report, raising concerns about governance issues.
Nvidia reported higher-than-expected revenue and earnings, as well as guidance slightly higher than the market had expected. But the company acknowledged problems with its Blackwell chip production, sending its stock price sharply lower, which could weigh on sentiment in Asian stock markets this morning.
The SET index closed flat at 1,365 points, with choppy movements throughout the day. With electronics group leading the market, meanwhile, the energy sector dragged the market down partially from the XD mark of PTT shares, with the view that the index has a chance to continue correcting in the 1,350-1,380 range.
The recommended stock today is SNNP, which has dropped significantly in price. There is a trend towards improving operating results in the second half of the year and PRM has a positive view on expanding its fleet to increase its income generating capacity.
“Reader. Infuriatingly humble coffee enthusiast. Future teen idol. Tv nerd. Explorer. Organizer. Twitter aficionado. Evil music fanatic.”