Daily Strategy: ASL Expects Choppy Movement in SET Index, Eyeing 1,610 Support Level

Major stock markets in Asia traded in a mixed session on Tuesday, November 9, 2021, after S&P 500 closed at a record high last night.

 

Thailand’s SET Index opened at 1,625.74 points, decreased 0.39 points or 0.02%.

As of 10:04 local time in Thailand, Nikkei rose 0.10%, SSEC dipped 0.03%, Hang Seng Index increased 0.08%, ASX200 gained 0.08% and IDX Composite rose 0.14%.

The S&P 500 closed at a record high Monday after the House of Representatives passed a $1 trillion infrastructure spending package. The need for significant infrastructure spending has been put on a table for years without much progress in the end.

Dow Jones closed at 36,432.22 points, increased 0.29% and Nasdaq rose 0.07% to 15,982.36 points.

 

Mr. Suchet Suktae, Deputy Managing Director, Media Marketing Department of ASL Securities Co., Ltd., through “Kaohoon Jor Talad Program” on November 9, 2021 stated that the Thai stock market could be choppy, giving a support level at 1,608-1,610 point and a resistance level at 1,630-1,640 points. Mr. Suktae warned that if the SET Index broke the resistance level, the management advised to cut losses as the index could continue to plunge further.

As for investment strategy, Mr. Suktae gave four recommended stocks as follows; CPN (S57.25-58.00 R60), MINT (S33/R35), ADVANC (S192/R200) and XO (S12/R12.50-13.50).