SET Index Surges above 1,600pts amid Optimism on Vaccine Rollout in June
SET Index closed above the resistance of 1,600pts in the morning session amid optimism on vaccine rollout. The analyst expected limited upside in the afternoon.
The Thai stock market rallied strongly and closed above the resistance level of 1,600 points in the morning session on June 1, 2021 as optimism on the vaccine rollout drove the market higher.
SET Index closed the morning session at 1,604.85 points, increased 11.26 points or 0.71% with a trading value of 53.5 billion baht.
Phillip Securities (Thailand) stated that the Thai stock market performed better than expected after the energy sector made a rally in response to the higher level of oil price, following the recovery in the global economy that led to an increase in demand for oil consumption.
Meanwhile, the Thai market also expected the vaccination from June 7, 2021, onward to lift the sentiment up. The analyst expected a limited upside in the afternoon trading session after being able to close above 1,600 points and could face a profit taking.
In addition, Phillip Securities advised investors to monitor the OPEC+ meeting later today, expecting the group to move on with their initial plan of ramping the production up, and the U.S. non-farm payroll and jobless claims later this week.