SET at Risk of Sideway Down Trends as Covid-19 Infections Continue to Rise!
SET at Risk of Sideway Down Trends as Covid-19 Infections Continue to Rise!
Tisco Securities expected SET Index to move in sideway down trends, similar to regional markets that moved 0.3 to 0.4% lower in the morning session as the markets lack positive factors, while the resurgence of the coronavirus outbreak continued to weigh down the market’s sentiment.
More importantly, oil prices plunged two days straight. According to Tisco Securities, every $1 contraction in oil prices will reflect a 10-point contraction in SET Index and around 3 billion baht to net profit for listed companies in the market, which later will impact 4Q20 earnings.
Tisco Securities expected the support level for SET Index at 1,195-1,180 points and a resistance level at 1,205 points.
