SET Breaks Support Level, Dropping to 1,227 as Political Uncertainty Drops Sentiment

SET Index slipped 15.16 points in the afternoon session, breaking the support level at 1,230 points as political uncertainties and the announcement of an emergency decree continued to weigh the market down.

 

As of 15:23 local time in Thailand (GMT+7), SET Index dropped 15.16 points or 1.22% to 1,227.80 points. The plummet broke the support level set by multiple analysts at 1,230 points.

The analyst stated that the market was pressured by the domestic factors regarding the political uncertainties as protesters planned to continue the gathering despite the enforcement of the emergency decree since early Thursday. The prolonged protest will only extend the progress of Thai economic recovery.

Meanwhile, the Thai stock market also received negative sentiment overseas whereas a resurgence of coronavirus cases in Europe spiked and London faced another lockdown to curb the infection rate.

 

Oil prices also slipped on Friday as the resurgence of Covid-19 cases in Europe and the United State dragged the market sentiment and demand down.