SET to Challenge 1,500 Resistance Level after a 18pts Jump in the Morning Session

SET Index made a robust gain by 18.01 points or 1.22% in the morning session on Tuesday, following the positive momentum in the regional markets as crude prices edged higher overnight.

 

As of 10:15 local time in Thailand, SET Index rose 18.01 points or 1.22% to 1,496.06 points, breaking a resistance level given by most analysts at 1,490 points.

 

Krungsri Securities (KSS) expected SET to rebound to 1,485-1,490, tracking regional gains amid easing worries over the GameStop incident. Higher crude prices after Saudi Arabia cut production would also lend support. However, there could be outflows. Stock to stocks with company-specific catalysts or robust 4Q20 earnings prospects.

 

Asia Wealth Securities (AWS) expected the SET today to move in a sideway upward movement, with the movement forecast at 1,462-1,498 points. For the short-term, follow manufacturing and service PMI in January in many countries around the world between 2-3 Fe, which will begin to reflect the impact of the global lockdown measures.

 

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.