SET Points to Open Lower as the Pandemic Looms!

The Stock Exchange of Thailand (SET) Index points to open lower following the plummet in the regional market and Wall Street over the night.

 

As of 9:36 local time in Thailand, Nikkei fell 4.58%, SSEC dropped 1.83%, HSI lost 3.65%, ASX 200 plunged 5.23% and Kospi sank 3.88%.

Over the night, Dow Jones lost 5.86%, S&P 500 dropped 4.89% and Nasdaq plummeted 6.41% from a disappointment in the US President’s speech on stimulus plans.

 

Krungsri Securities expects SET Index to decline to 1,220-1,235 points due to no positive factors to support the market, while concerns over the outbreak of the coronavirus rose after the WHO declared COVID-19 a pandemic. SET’s big cap would face pressure from a selloff of foreign investors.

KTB Securities expects the SET Index to drop lower the resistance level at 1,249 points. Meanwhile, Finansia Syrus Securities forecasts SET Index to plunge to 1,200-1,220 points due to the virus outbreak and uncertainty of the oil price war.