Daily Strategy: ASL Expects Short-Term Weak Outlook for SET Index before Bouncing Back
ASL Securities expected foreign investors to continue selling prior to Fed's meeting, Thai stocks to remain weak for a few days.
Major stock markets in Asia traded in a mixed session on Tuesday, following the record high in Wall Street last night, supported by the energy sector as oil prices bounced back.
Last night, Dow Jones closed 2.26% higher or by 94 points at an all-time high of 35,913 points, pushed by the energy sector that was up 1% as oil prices continued to rise amid expectations that OPEC+ is likely to keep steady pace on production increase despite the ongoing energy crisis.
On November 2, 2021, Thailand’s SET Index opened at 1,616.29 points, increased 2.51 points or 0.16%.
As of 10:04 local time in Thailand, Nikkei fell 0.22%, Shanghai Stock Exchange dropped 0.30%, Hang Seng Index rose 0.96%, ASX 200 slipped 0.79% and IDX Composite dipped 0.22%.
Mr. Suchet Suktae, Deputy Managing Director, Media Marketing Department of ASL Securities Co.,Ltd., through “Kaohoon Jor Talad Program” on November 2, 2021, stated that the Thai stock market to move in sideways trends as the market is looking forward to the Fed’s meeting and expected foreign investors to continue their selloff in a few days before the reopening and 3Q earnings outlook will buoy the market, giving a support level for today’s session at 1,600 points.
In addition, Mr. Suktae recommended four stocks namely; SYNEX (S24.50 / R25.00), SCGP (S62.50 / R65.00), AMATA (S20.40 / R22.00), ADVANC (S187 / R194).