SET Swings Wildly in Positive-Negative Territories, Analysts Expects a Gain to 1,420pts

SET Index fluctuated in the morning session, going ups and downs in both positive and negative territories in the first 30 minutes after the opening bell. As of 10:36 local time in Thailand (GMT+7), SET rose 0.39 points or 0.03% to 1,411.40 points with a trading value of 29.2 billion baht.

 

The Thai stock market rallied for the whole week, inline with the regional and global market in response to the reopening economy and lockdown easing.

 

Krungsri Securities (KSS) has a neutral-positive view towards the market today, expecting the SET Index to drift up and test 1,420.  Funds should continue to flow in amid optimism over an economic recovery as the world slowly start to exit from lockdown, and that the US job market has bottomed out after initial jobless claims fell below 2m for the first time since mid-March.

There is also support from the ECB’s move to increase the PEPP (Pandemic Emergency Purchase Program) by EUR600b. However, tight SET valuation and the technical overbought signal could drag the market lower during the day.

KSS advised investors to keep an eye on OPEC+ meeting this week on whether to extend supply cuts.