SET to Challenge the 1,500 Resistance Level as Inst. Boost the Market with ฿1.7Bn Net Buy
The total value of buying and selling separated by the investor's type as of February 5, 2021.
– SET Index closed at 1,496.61 points, increased 13.63 points or 0.92% with a trading price at 79.3 billion baht. The analyst stated that the Thai stock market closed higher, in line with regional and European markets in response to an improvement in U.S. economic data as jobless claims came out better than expected. Economists also expected 50,000 payrolls added last month after a decline of 140,000 in December. The unemployment rate is expected to maintain at 6.7%.
Meanwhile, oil prices also edged higher as well. As of 17:40 local time in Thailand, WTI rose $0.57 or 1.01% and the international benchmark Brent Crude rose $0.62 or 1.05% as investors expected demand to return once Joe Biden’s $1.9 trillion coronavirus aid plan was approved.
The analyst advised investors to monitor the development of U.S. stimulus packages and the release of financial statements, which should be coming out in the following weeks.
In addition, the analyst estimated SET Index to move in sideway to sideway-up trends, giving a support level at 1,480 points and a resistance level at 1,500-1,515 points.
– Institutions boosted SET Index by 13.6 points with a net buy of nearly 1.7 billion baht, while Foreign Investors added 181 million baht.