Stocks in Asia Trade Mostly Higher despite a Lack of Catalyst to Drive the Market

Stocks in Asia turned from fluctuating into gains in the morning session on Wednesday, but investors still looked for catalysts to drive the market while awaiting the Fed’s meeting later today.

 

As of 9:46 local time in Thailand on April 28, 2021, Nikkei rose 0.37%, SSEC increased 0.19%, HSI gained 0.42%, ASX 200 hiked 0.44% while Kospi fell 0.83%.

Yesterday, SET Index closed at 1,559.23 points, decreased 0.30 points or 0.02% with a trading value of 97.5 billion baht.

 

KTBST Securities (KTBST) stated that this week would be the indicator whether Thailand has reached its peak on coronavirus cases while seeing less negativity if the daily new cases decline. Nevertheless, the security company still recommended investing in stocks with individual catalysts such as having positive news reports or outstanding 1Q21 earnings.

 

Finansia Syrus Securities (FSS) expected SET Index to move in the range of 1,550-1,570 points without new positive factors to stimulate the market in the near term. The key factor remains the new wave of COVID-19 outbreaks in the country, as well as the measures from the CCSA at the end of the week, which is expected to put more restrictions in some areas. In addition, FSS recommended investors to keep an eye on the FOMC meeting tonight, expecting to maintain monetary policy of both interest and QE and also signaled relaxation.