Stocks in Asia Trade in a Mix Session as SET Expects to Test 1,590 Points

The trading session of stock markets in Asia mixed on Tuesday as trade in the Suez Canal resumed to normal after the authorities successfully cleared the path last night.

 

As of 9:35 local time in Thailand, Nikkei slipped 0.10%, SSEC rose 0.26%, HSI increased 0.69%, ASX 200 dipped 0.51% and Kospi gained 0.88%.

 

Last night, the Ever Given, a massive vessel that blocked Suez Canal for almost a week, had finally been refloated and left the grounding site with the assistance of tugboats for further inspection, opening way for more than 300 vessels stuck at the port to go on their routes.

 

CGS-CIMB (Thailand) stated that the Thai stock market still has positive momentum, but with a limited upside after foreign investors and institutions made a 2.2 billion baht of net buy yesterday, pushing SET Index to a new high at 1,592 points. However, the gain was cut to 9 points after profit-taking.

Meanwhile, oil prices continued to increase even after the Suez Canal incident had been resolved. The increase might be due to an anticipation of the OPEC+ meeting on Thursday to maintain the output.

The analyst gave a support level for today’s trading session at 1,580-1,575 points and a resistance level at 1,590-1,595 points.