Thai stocks today, April 24, 2024, rebounded to the resistance level of 1,365-1,370 points in response to the lowest US PMI in 4 months.

Thai stocks today 24 Apr. 2024 Analysts at Krungsri Securities Company estimate the SET to rebound above the resistance level of 1,365-1,370 points, responding to the numbers. PMI The total US manufacturing and service sectors dropped to the lowest level in 4 months, resulting in US bond yield and money USD In addition, weakenedcrude oil priceThe rebound as well as the pressure to buy individual stocks to capture the 1Q24F budget growth will help support the index during this period. However, one should be careful of selling pressure to reduce risk based on technical signals. Therefore, it is recommended to buy on the rebound according to the resistance zone.

Today’s investment strategy:

• PTTEP TOP SPRC BCP BSRC PTTGC crude oil prices stable at high levels
• ITC AAI SAPPE TU HANA KCE DELTA benefits from the weakening baht
• AOT MINT ITC AAI OSP SAPPE DOHOME GLOBAL CPALL TOP SPRC BCP IVL COCOCO expects 1Q24 profit to grow

Important issues today that must be followed

(-) Unexpected, US Manufacturing PMI for April fell to lowest level in 4 months: US Manufacturing PMI for April (preliminary) dropped to 49.9, lowest level in 4 months. in the past 4 months, from 51.9 in March and contrary to the market’s expectation that it would increase to reach 52 (the index is below 50, reflecting contraction in production activity).

(-) Tourism group – foreign tourists dropped to a record low in 24 weeks: tourism economy The weekly report of the number of foreign tourists (April 15-21) dropped to 570,000 people, a decrease of 22%wow and the lowest level in 6 months. This is expected to be a side effect of Geo-political risk and the end of the festival period. Songkran

(+) Retail The Cabinet has approved the bag project in principle.Cryptocurrency: Yesterday, the Cabinet meeting approved the digital wallet project in principle. (Target groups, products, and sources of funds) The government expects that such measures will actually be available to the public at the end of this year, having a direct positive effect on retail operators, especially the convenience store groups CPALL, TNP, and KK.