Foreign funds have continued to flow into the Thai stock market (and other emerging markets) over the past two weeks, driving the SET Index to breach the 1,700-point mark.
Gains have been led by big banks like KBANK, BBL and SCB and energy plays like PTT, PTTEP, TOP and OR, as well as blue chips with specific catalysts such as ADVANC (on plans to enter the data centre business), AOT and MINT (global tourism revival), EA (EV promotion measures), ZIGA and UPA (crypto mining plans).
In the final week of February, we expect the SET to move sideways in the 1,690 to 1,720 range. We expect blue chips that enjoyed the recent run-up to consolidate as investors await fresh macro factors, Federal Reserve tightening signals, and developments related to tensions surrounding Ukraine.
