Analyst Expects SET to Rebound, Supporting by Brighter Outlook on Vaccine Optimism

Stocks in Asia traded higher on Wednesday after Dow Jones hit an all-time high last night, breaking the 30,000 level for the first time in history as optimism for the coronavirus vaccine continued to grow.

 

As of 9:15 local time in Thailand, Nikkei jumped 1.76%, SSEC rose 0.33%, HSI increased 1.09%, ASX 200 advanced 0.76% and Kospi hiked 0.57%.

Last night, Dow Jones closed at an all-time high at 30,046.24 points, increased 454.97 points or 1.54%. S&P 500 rose 1.62% and Nasdaq gained 1.31%. The stock market continued to gain in a happy November after drug companies widely announced effective coronavirus vaccines, expected to be distributed, if approved, in December or early January.

 

CGS-CIMB expected SET Index to rebound after a selloff in yesterday’s session due to technical indicators showed that Thai shares were overbought, still foreign investors continued to pick up shares non-stop.

Meanwhile, the regional markets traded higher in today’s session in response to the progress of the coronavirus vaccine and the report of Trump’s transition.

However, the analyst advised investors to keep an eye on today’s political issues, giving a support level at 1,400-1,390 points and a resistance level at 1,420-1,433 points.