Asia Stocks Mixed in Morning Session, SET in Risk of Falling Below 1,300 on High P/E

Stocks in Asia were fluctuating in the morning session on May 20, 2020, following a negative trading day in Wall Street last night after a surge on Monday.

 

As of 9:10 local time in Thailand, Nikkei rose 0.91%, SSEC dipped 0.26%, HSI advanced 0.33%, ASX 200 sheded 0.15% and Kospi gained 0.38%.

 

Over the night, Dow Jones closed at 24,206.86 points, dropped 390.51 points or 1.59%. S&P 500 lost 1.05% and Nasdaq fell 0.54%. Economists stated that most of the stocks gave back a small portion of their gain on Monday, which was around 2-3%, as the market still lacks a solid positive factor to buoy the market.

 

An analyst said that the 1,300 level might cause SET Index to have a high P/E, but for mid-term and long-term investors, the current level would be an acceptable choice for investment, asserted the analyst.

The analyst advised investors to monitor the Monetary Policy meeting tomorrow as 80% of economists forecasted that the MPC will lower the rate.