SET Falls Over 10pts, Following Regional Markets on Covid-19 Fears

The SET Index fell more than 10 points in the morning session on Friday, July 30, following regional markets downward on fears of a Covid-19 outbreak and rising infection cases.

The SET Index fell 12.35 points (-0.80%) to 1,525.43 points at the opening bell.

As of 11:13 a.m. local time in Thailand, the SET Index stood at 1,529.78 points, dropping 8.00 points or 0.52%.

According to Finansia Syrus Securities (FSS), the Thai stock market plummeted more than ten points in the morning session, in line with the rest of Asia, on fears about the spread of Covid-19 and sharp declines in technology stocks due to concerns about China’s intervention in the technology industry. Additionally, the US Gross Domestic Product (GDP) for the second quarter of 2021 came out lower than expected.

The Thai stock market is now under pressure due to the ongoing epidemic and is awaiting the outcome of today’s (July 30) meeting of the Center for Covid-19 Situation Administration (CCSA) to determine whether more intense lockdown measures will be implemented or not.

The index dipped below the key 1,530-point support level, which is not a good sign. This results in the next support and resistance levels of 1,515-1,500 points and 1,530-1,540 points.