SET Index Jumps 16pts as Covid-19 Cases Drop to 2-Month Low
The Thai stock market rose more than 1% after the opening bell amid positive sessions in the Asian markets and the two-month low Covid-19 cases.
Thailand’s SET Index rose 16.26 points or 1.05% to 1,569.44 points.
Stocks in Asia traded higher in the morning session on August 23, 2021. As of 10:18 local time in Thailand, Nikkei rose 1.73%, SSEC hiked 1.11%, HSI jumped 1.98%, ASX 200 increased 0.42% and Kospi gained 1.40%.
Tisco Securities expected a positive session in the Thai stock market in response to the sentiment in Wall Street last Friday that triggered a buyback in tech stocks, resulting in a gaining session in Asia markets.
Meanwhile, Tisco Securities stated that the Covid-19 situation in Thailand would continue to pressure the market even though today’s new cases – 17,000 – were the lowest in almost two months. This could lead to an uptick in domestic-play stocks. However, the securities company believed that the upside in SET Index is still limited as investors are looking ahead to the Fed’s meeting during 26-28 August to look for signals of economic recovery.
In addition, Tisco Securities added that there are 105 listed companies to post an ex-dividend date this week, giving a support level at 1,545 points and a resistance level at 1,560-1,565 points.
Asia Wealth Securities (AWS) expected the SET this week (23-27 August) to move within the range of 1,520-1,575 points as the SET Index will remain volatile this week with the positive factors being the number of infections in the country dropping below 20,000 times a day, including the number of deaths per day and the gradual decline in the number of critically ill patients will limit the downside of the SET, but AWS believed the stock market will remain volatile ahead of the Jackson Hole Symposium.
This week still needs to be followed are the COVID-19 Delta species situation both at home and abroad, the political situation in the country including the Jackson Hole Tournament (26-28 August), while at the end of the week, the U.S. will release weekly unemployment claims, estimates of U.S. GDP for 2Q21 (2nd time), and inflation as measured by the PCE and Core PCE of July (expected Core PCE in July, up 3.6%YoY and 0.4%MoM), including the Services and Manufacturing Purchasing Managers Index in both the Eurozone and the U.S.