AWS’ “Suchet” Says Refinery-PetChem Remain Strong, Giving Strategic Range at 1,540-70pts
After a plummet of 70pts in SET Index and bounced back to -23pts, the analyst emphasized a strong base of refinery and petchem stocks.
Mr. Suchet Suktae, Deputy Manager of Asia Wealth Securities Co Ltd., revealed to Kaohoon Online that the sudden decline in the afternoon session in the Thai stock market was a chain reaction after the index broke the support level at 1,540 points and later made a recovery afterward.
On May 13, 2021, SET Index made a sudden and sharp plunge by as much as 70 points to 1,501.02 points in the afternoon session before making some recovery afterward to close at 1,548.13 points, decreased 23.72 points or 1.51% with a trading value of 143 billion baht.
Mr. Suktae stated that the fall in European markets yesterday closed their session before Wall Street plunged to its deepest. Thus, the early decline in the morning session in the European markets was an effect from yesterday’s negativity in the U.S. stock market.
Meanwhile, he added that the market panicked over the Fed’s rate hike even when the Federal Reserve ha
The best indicator for the market right now is Gold Futures that maintained mostly at the same level of yesterday’s session. Mr. Suktae emphasized that if there is a change in rate policy or others, the fastest indicator to reflect the negativity would be Gold Futures.
In addition, Mr. Suktae advised that the market has a momentum to edge lower on Friday, giving a strategic investment range between 1,540-1,570 points, pointing out that the refinery and petrochemical stocks remained strong amid this plummet.