Daily Strategy: ASL Expects SET to Move Sideways amid Surprise Surge in Asian Markets
ASL Securities expected SET Index to move in sideways trends amid a surprise surge in Asian markets as Wall Street plunged last night.
Major stock markets in Asia traded higher on Tuesday despite the crash in Wall Street and crude oil market last night in fear of the omicron variant becoming a dominant strain in the U.S.
Yesterday, Washington reported a first death from omicron while the Centers for Disease Control and Prevention (CDC) officially stated that the omicron variant has taken over delta as the dominant strain.
On December 21, 2021, Thailand’s SET Index opened at 1,625.36 points, increased 9.56 points or 0.59%.
As of 10:15 local time in Thailand, Nikkei rose 2.00%, SSEC gained 0.15%, Hang Seng Index increased 0.04%, ASX 200 hiked 0.53% while IDX Composite dipped 0.10%.
Last night, Dow Jones fell 1.23%, S&P 500 dropped 1.14% and Nasdaq decreased 1.24%. Meanwhile, Brent crude closed 2.7% lower to finish Monday at $71.52 per barrel and West Texas Intermediate closed the day at $68.23 per barrel, down 3.7%.
Mr. Suchet Suktae, Deputy Managing Director, Media Marketing Department of ASL Securities Co., Ltd., through “Kaohoon Jor Talad Program” on December 21, 2021, stated that the surge in the Asian market this morning was a surprise despite the negative sentiment in Wall Street last night while giving a movement range for the Thai stock market between 1,630-1,623 points in sideways trends.
In addition, Mr. Suktae recommended BCH (S20/R21-22), CHG (S3.60/R3.74-3.80), PTT (S37/R38-40), KBANK (S134-140-145), SMD (S14/R15), and DTAC (S44/R46-47).