Summary · why it matters
CGS International Securities (Thailand) or CGSI stated in its analysis that the Thai stock market is likely to face volatility, estimating the SET Index range at 1,580-1,615 points. This follows stronger-than-expected U.S. employment data, which led investors to increase the likelihood that the Federal Reserve (Fed) may raise its policy interest rate at this month's meeting. Meanwhile, investors are closely monitoring the release of U.S. inflation data this week, as well as domestic political factors, which could affect market direction and investor confidence in the short term. For the U.S. stock market, the Dow Jones closed on Friday (September 4, 2026) at 53,414.25 points, down 271.86 points or 0.51%, after strong employment data fueled expectations that the Fed might raise rates. The S&P 500 closed at 7,718.60 points, down 29.11 points or 0.38%, and the Nasdaq closed at 26,506.99 points, down 77.07 points or 0.29%. European stock markets closed slightly higher on the same day, but the overall weekly performance was negative amid concerns about inflation, energy prices, and the trend of tighter monetary policy by central banks. The STOXX 600 closed at 649.88 points, up 0.78 points or 0.12%, while Volkswagen shares rose notably after the company reached an agreement on a major restructuring plan, which helped support the overall market. In commodities, West Texas Intermediate (WTI) crude oil futures closed higher and posted a significant weekly gain, after the U.S. and Iran resumed military attacks against each other in the seventh month of the conflict, while U.S. retail diesel prices surged to record highs. WTI crude for October delivery rose 18 cents, or 0.2%, to close at $91.48 per barrel. Brent crude for November delivery rose 76 cents, or 0.8%, to close at $96.28 per barrel. Gold futures on the New York market closed lower, as stronger-than-expected U.S. employment data increased concerns that the Fed might raise interest rates within this month, making gold, which yields no interest, less attractive. COMEX gold for December delivery fell $63.30, or 1.39%, to close at $4,476.60 per ounce. For investment strategy, CGSI recommends Bangkok Dusit Medical Services (BDMS), as its August 2026 revenue grew strongly by 10% year-on-year, accelerating from July's 8% growth, with expectations of third-quarter 2026 profit growth of 9% year-on-year and 45% quarter-on-quarter. The target price is set at 20.80 baht, with a stop-loss at 20.20 baht. Additionally, it recommends CP All (CPALL), expecting third-quarter 2026 profit to be the trough before recovering in the fourth quarter of 2026, after the end of the "Thai Helps Thai Plus" program and as cost pressures ease. The target price is set at 47.25 baht, with a stop-loss at 45.75 baht.
Bangkok Dusit Medical Services Public Company Limited
CP ALL Public Company Limited