The Analyst Expects SET to Keep Good Momentum amid Plummet in Asia Stock Markets

Stocks in Asia traded mostly lower on Friday, April 9, 2021, even after the S&P 500 hit a new high in yesterday’s trading session.

 

As of 9:35 local time in Thailand, Nikkei rose 0.35%, SSEC dropped 0.72%, HSI slipped 0.62%, ASX 200 fell 0.44% and Kospi decreased 0.40%.

Last night, S&P 500 gained 0.42% to close at an all-time high at 4,097.17 points. Dow Jones closed 0.17% higher at 33,503.57 points and Nasdaq rose 1.03%.

Yesterday, SET Index closed at 1,558.83 points, increased 2.27 points or 0.15% with a trading value of 83.6 billion baht.

 

Tisco Securities expected SET Index to edge higher after a plummet in yesterday’s session, but able to maintain above 1,550 points, and a technical rebound in the afternoon session to close slightly higher. The analyst saw this as a positive signal.

Meanwhile, Fed’s Chairman Jerome Powell stated that high spending in the U.S. after the reopening would not cause inflation rate to spike, resulting in a drop of U.S. bond yield.

Nevertheless, the rising coronavirus cases in Thailand and the upcoming long holliday might slow down buying pressure in the Thai stock market.The analyst expected a support level at 1,550-1,540 points and a resistance level at 1,565-1,570 points.