Analyst Expects SET to Move Sideways without New Catalyst as Covid-19 Cases Spike

CGS-CIMB Securities expected the Thai stock market to move in a sideway-trend direction, similar to regional markets due to the lack of a new catalyst to drive the market. Still, the analyst stated that the Thai stock market has a positive sentiment from yesterday’s trading session that maintained above 1,500 point.

However, the market could face pressure from the report of more than 900 new Covid-19 cases yesterday in Samut Sakorn, but the cases should be lower today.

Meanwhile, the analyst advised investors to keep an eye on today’s Thai cabinet meeting in anticipation of easing Covid-19 restriction, and to keep monitoring the 2020 earnings announcement and the Fed’s meeting on January 26-27, giving a support level at 1,492 points and a resistance level at 1,515 points.

 

As of 9:42 local time in Thailand on Tuesday, Nikkei dropped 0.73% after hitting a 30-year high yesterday, SSEC plunged 1.04%, HSI fell 1.51%, Kospi plummeted 1.71%, while ASX200 rose 0.36%.