SET Retreats 6pts as the Analyst Expects a Short-Term Profit-Taking in the Market

The Thai stock market opened lower on Tuesday, following the decline in regional markets in the morning session as the coronavirus continued to rise, while the U.S. began to roll out Pfizer’s vaccine for an emergency use.

 

SET Index fell 6.24 points or 0.42% to 1,469.89 points with a trading value of 11.5 billion baht as of 10:10 local time in Thailand on Tuesday.

In the early trading session, Nikkei dropped 0.31%, SSEC plunged 0.49%, HSI fell 0.50%, ASX200 dipped 0.37% and Kospi declined 0.39%.

 

Yesterday, the U.S. recorded nearly 200,000 new coronavirus cases with 1,619 additional deaths. The country has a total of 16.9 million coronavirus cases and 308,089 deaths, the highest rating in the world in both categories.

On Tuesday, people in the U.S. began to receive the coronavirus vaccine as the country is preparing for its largest-ever immunization campaign.

 

Asia Wealth Securities (AWS) expected the SET today to move in a range of 1,454-1,494 points and expected the market to remain volatile in a narrow sideway. Foreigners’ selling pressure in the past 2 working days limited the SET recovery, as well as the SET was up 24% in six weeks, the market having a chance to rest from short-term profit-taking after the stock market responded positively about U.S. leader election results, capital flows into regional markets, including the SET Index and many countries began vaccination against COVID-19, allowing us to maintain a careful investment strategy, recommended to sell some shares or full value while new round of investment, recommend only speculation.