Individuals, Prop Trade and Institutions Fend Foreigners’ Selloff with ฿2.75Bn Net Buy

– SET Index closed at 1,261.81 points, increased 8.89 points or 0.71% with a trading value of 76.8 billion baht. The analyst stated that the index rebounded in the afternoon due to its high resistance to current negative factors such as the plummet in WTI price, which reflected on only PTT and PTTEP. However, Thailand is not an oil producer, thus, receiving limited impact from the decline in oil prices.

The analyst asserted that the earnings of the banking sector were quite disappointed. The lower-than-expected decline in profits was due to the support from the state, while the operation outlook was not quite good. Which was the reason for the buying pressure in the afternoon session to focus on safe stocks such as power generation stocks and telecommunication stocks.

The analyst saw positive outlook for tomorrow’s session as the outbreak of coronavirus in Thailand started to get better, while setting a support level at 1,250 points and a resistance level at 1,273 points.

– Individuals, Proprietary Trading and Local Institutions combined a net buy of 2.75 billion baht to fend off Foreign Investors selloff.