SET Soars 4% in Hopes of Stimulus Plans from the Cabinet Meeting to Fight Coronavirus!

The Stock Exchange of Thailand (SET) Index made a rebound from yesterday’s slump to jump 42.56 points or 4.15% to 1,067.02 points with a trading value of 2.86 billion baht.

 

SET Index opened higher following in the same direction of Asia stock markets that rose 3-5% in the morning session after digesting information that the Fed had launched an asset purchasing program “in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy.”

Kingsford Securities expected the SET Index to recover in hopes of approval on stimulus plans from the Thai cabinet meeting today to fight impact from coronavirus while recommended “Buy on Weakness” with a support level at 1,020 points and a resistance level at 1,060-1,070 points.