Asia Stocks Skyrocket in the Morning Session, Analyst Expects SET to Go with the Flow

Stocks in Asia edged higher on Tuesday, following an overnight climb on Wall Street.

 

As of 9:26, Nikkei rose 1.02%, SSEC increased 0.47%, HSI gained 2.02%, ASX200 hiked 1.32% and Kospi increased 2.40%.

Last night, Dow Jones advanced 229.29 points or 0.76% to close at 20,211.91 points. S&P 500 jumped 1.61% and Nasdaq hiked 2.55% as investors were focusing on the upcoming earnings season where Pfizer, ExxonMobil,  Amazon and Alphabet will report their earnings on Tuesday.

Yesterday, SET Index closed at 1,478.05 points, increased 11.07 points or 0.75% with a trading value of 77.8 billion baht.

 

Finansia Syrus Securities (FSS) expected SET Index to continue the positive momentum and move at a range of 1,470-1,490 points as investors relaxed concerns on a short-squeeze from foreign retailers, even after the buying pressure on silver that dragged the price up by 8% to reach an 8-year high.

 

The security company estimated that the energy stocks will continue to buoy the market in today’s session after crude oil prices jumped 2.6% last night, while the fund flow began to return to risk assets due to a depreciation in dollars, which was in line with FSS’ forecast that the market will have a short rebase.

 

In addition, FSS advised investors to keep an eye on the Thai Monetary Policy Committee tomorrow and the releasing 4Q20 financial statements from listed companies. If the index rebases to 1,450-1,460 points, FSS saw it as an opportunity to accumulate, expecting SET Index to reach 1,600 points this year.