Analyst Expects SET to Reach 1,335 from the Increase of Oil Prices and Policy Rates Cut
Analyst Expects SET to Reach 1,335 from the Increase of Oil Prices and Policy Rate Cuts.
Stocks in Asia traded mostly higher on Thursday, following the rebound in Wall Street in hopes of higher oil prices and the anticipation of stimulus plans from the Fed.
As of 9:19 local time in Thailand, Nikkei rose 0.13%, SSEC gained 0.06%, HSI dropped 0.14%, Kospi edged 0.41% higher, meanwhile ASX 200 slipped 0.016%.
Over the night, Dow Jones closed at 24,575.90 points, increased 369.04 points or 1.52%, S&P 500 jumped 1.67% and Nasdaq rose 2.08%.
Krungsri Securities stated that SET Index could edge higher in today’s session to the level of 1,330-1,335 points before slowing down. The market had positive sentiment to buoy investors’ view as the constant increase in oil prices to $33/bbl after the US emptied 5 million barrels of their crude stock, while some anticipated that the Fed would introduce more stimulus plans to support the market from the impact of the coronavirus outbreak.
Yesterday, the Thai stock market was also buoyed by the decision of the MPC to cut policy rate by 0.25 percentage point to its historic low at 0.5%.