Foreigners Show Interest in Thai Stocks with a ฿2.7Bn Net Buy as Individuals Takes Profit
The total value of buying and selling separated by the investor's type as of November 23, 2020.
– SET Index closed at 1,420.43 points, increased 31.09 points or 2.24% with a trading value of 105 billion baht. The analyst stated that the Thai stock market outperformed regional markets in today’s session as the fund inflow continued to drive the market amid coronavirus vaccine development, MSCI and FTSE rebalancing.
Thai exports for October came in at 6.71% contraction, which was in line with the forecast. Meanwhile, exports were expected to contract 7% for the year, improved from earlier forecasts at 8-10% contraction.
Pfizer has filed for approval for its coronavirus vaccine from the U.S. FDA, which if approved the drug could be distributed to U.S. citizens by mid-December, raising hopes for oil businesses and the banking sector for a faster-than-expected economic recovery.
The analyst expected the fund inflow to continue buoying the Thai stock market, and warned that there could be short profit-taking while the market is waiting for the vaccine, giving a support level at 1,400 points and a resistance level at 1,450 points.
– Individuals kept pouring stocks for profit-taking amid a net buy of 5.6 billion baht from Local Institutions, Proprietary Trading and Foreign Investors.