Analysts Expect a Pull Back in SET Index amid Panic Sell over Rising Covid-19 Cases

Krungsri Securities expected a support level for SET Index at 1,455 points following the second wave of coronavirus outbreak that resulted in another lockdown in Samut Sakhon area to curb the spreading. The outbreak is a negative factor to the economic outlook and investors’ confidence. Meanwhile, the valuation in the Thai stock market is quite limited, which would reflect in the SET Index’s movement as well.

 

KTB Securities (Thailand) estimated a decline in the stock market due to a panic sell after Thailand reported over 500 new coronavirus cases over the weekend, which will impact stocks and the Thai economy. The security company gave a support level at 1,450 and 1,430 points, believing that investors could sell the rips to lower the risk and wait for a buyback.