Oil woke up to the downside over Thailand’s long weekend (started on Thursday night) and is now -12%. This naturally has a negative impact for the Thai market given the weighting in the index on oil names.
The agri sector, especially those driven by pork prices – well it seems done for now, I wouldn’t be surprised to see chicken names be the next story.
For the banks…worst performing sector/industry. Could the next 1-3 months be time to accumulate….the worst will be past….valuations are “cheap” and part of me still thinks that the inflation story will pick up more next year => interest rates increasing => NIMs improving. But Thailand does have a secular issue with the aging population => retail loan growth i.e. mortgages are gone.