Expect stocks to fluctuate in the 1300-1340 point range this week. Check out 5 analyst favorites here!

Globex Securities expects stocks to fluctuate in the 1300-1340 range this week, watching the Constitutional Court's decision on the case. The “Prime Minister” is set to unveil tomorrow's 5 distinguished stocks preferred by analysts here!

Ms. Welasini Bomasong Song, Senior Director of Research, Securities Company Globex Co., Ltd. or GBS is assessing the direction of the Thai stock market index this week and it will continue to swing sideways, supported by the implementation of bullish measures last week. While there are still political issues in the country that need to be followed up. The Constitutional Court has set a hearing on the Prime Minister’s decision on July 10, so the index is set at 1300-1340 points.

Furthermore, CME’s FedWatch tool indicates that the chances of a Fed rate cut in September have risen to 79% from 66% before the release of the sluggish employment data. Recently, the US revealed that non-farm payrolls increased by 206,000 jobs in June, close to analysts’ expectations of 200,000 jobs and slowing from 218,000 jobs in May, which supported the Fed to cut rates and recently the Treasury Department will issue measures to reduce the impact on businesses who have to bear the burden of the government’s minimum wage increase to get tax cuts at a rate similar to the costs borne by businesses.

Meanwhile, the Finance Ministry revealed the progress of the 10,000-baht digital wallet project in terms of opening applications to merchants. Initially, the goal was to include more than 1.4 million small merchants. Merchants expect the digital wallets to help motivate merchants to increase their income.

As for the factors to be followed in the country, such as today, July 9, there is expected to be a cabinet meeting to consider reducing the social security contribution rate and SET will present a statement summarizing the stock market situation, in the second week of the Thai Chamber of Commerce in cooperation with the University of the Thai Chamber of Commerce. Consumer Confidence Index announcement, Thai Capital Market Business Council announces the Investor Confidence Index survey and update the investment situation July 10, the Constitutional Court is scheduled to hold a hearing on the Prime Minister's decision, in the third week, FTI announces the Industrial Confidence Index, within July 21, and bank stocks present financial statements for the second quarter of 2024.

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Regarding the international situation that deserves attention, today, July 9, the United States announces the Small Business Confidence Index for June, July 10, Japan announces the Producer Price Index for June, China announces the Consumer Price Index (CPI), Producer Price Index (PPI) for June, the US wholesale inventory report for May and weekly oil inventories, July 11, China announces new yuan loans in June, the US announces the weekly number of unemployment claims, and the Consumer Price Index (CPI) for June, and on July 12, the US announces the Producer Price Index (PPI) for June.

Therefore, we recommend an investment strategy in stocks that have the same number of analysts recommended of 5 or more in the survey results report of more than 25 analysts and fund managers. Recommended companies for investment in IAA stocks listed include ADVANC, AOT, .CPALL, MINT and TU.

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As for the investment trend in gold, Mr. Natawut Wongyawarak, the research director at Globelex Securities, is assessing the gold price trend this week and it is advisable to follow the US inflation figures. Both the CPI, PPI, Michigan sentiment and Fed Chairman Powell’s statement to follow the interest rate trend. If it slows down, it will be a factor supporting gold prices because the Fed uses such figures as an indicator for interest rate cuts. Look at the gold frame this week at $2,330-2,405 per ounce. If it breaks the support, slow down the investment.

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