SET Skyrockets 45pts, Breaking 1,300 Resistance Level as Hope Rises on Covid Vaccine!

SET Index opened with a jump of 45.02 points, increased 3.50% to 1,330.90 points with a trading value of 10 billion baht.

 

The rally continued on Tuesday morning after a 25-point gain session yesterday in response to Joe Biden’s win in the presidential election on Saturday, followed by the announcement by Pfizer and BioNTech, saying that their coronavirus vaccine is more than 90% effective.

Edson Moreira, the coordinator of the trials in the South American country, said the trial results exceeded expectations with vaccinated volunteers showing a higher production of antibodies than people infected with COVID-19.

 

Last night, Dow Jones surged more than 1,600 points in a single session to make a new high at 29,933.83 points before slowing down to close the session with a 2.95% gain.

 

Tisco Securities estimated that stocks in hotel business and airlines that were laggarded could see a good recovery in today’s session. However, the analyst suggested investors to monitor the MSCI rebalancing tomorrow and the economic data from China as well as the announcement of listed companies earnings in 3Q20, giving a support level at 1,275-1,280 points and a resistance level at 1,310-1,320 points.