SET Rebounds 16pts as Dow Hits a Record High Overnight, Surpassing 30,000pts

SET Index made a jump at the opening bell, recovering 16.12 points or 1.15% to open at 1,417.75 points with a trading value of 15 billion baht after Dow Jones broke an all-time high record to close above 30,000 points for the first time in history on vaccine optimism and president transition.

 

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.