Analyst Expects SET to Move Sideways amid Covid-19 Concerns and Foreigners’ Selloff

CGS-CIMB Securities expected the Thai stock market to move in sideways trends in both positive and negative territory amid rising coronavirus cases and a successive selloff from foreign investors, resulting in negative sentiment in the Thai stock market, compared to other countries.

 

Stocks in Asia market edged higher in the morning session, following the positive session in Wall Street in response to the possibility of the Democrat to win the Georgia runoff, which would support the new stimulus plans. Meanwhile, the depreciation in the greenback resulted in an outflow from the state to other regions. Thus, the analyst expected a support level in today’s session at 1,480 points and a resistance level at 1,500-1,520 points.

 

As of 9:33 local time in Thailand, Nikkei increased 1.93%, SSEC dropped 0.19%, HSI fell 0.32%, ASX200 rose 1.80% and Kospi gained 2.19%.

Last night, the S&P 500 Index closed at 3,748.14 points, increased 0.57%. The Dow Jones Industrial Average closed at 30,829.40 points, up 437.80 points, or 1.44%. The Nasdaq Composite Index closed at 12,740.79 points, decreased 0.61%.