Analyst Expects SET to Edge Higher in Response to Positive Sentiment in Global Markets

Stocks in Asia traded higher on Monday, May 28, 2021, after a gain in Wall Street last night as sentiment grew over the sign of economic recovery from the pandemic.

 

As of 9:30 local time in Thailand, Nikkei jumped 1.93%, SSEC rose 0.11%, HSI gained 0.63%, ASX 200 hiked 1.13% and Kospi advanced 0.80%.

Last night, Dow Jones rose 0.41% to close at 34,464.64 points. S&P 500 gained 0.12%, but Nasdaq slipped slightly by 0.01%.

Yesterday, SET Index closed at 1,582.96 points, increased 14.38 points or 0.92% with a trading value of 175 billion baht.

 

Tisco Securities expected the Thai stock market to move in the same direction as the global markets after the U.S. jobless claims recorded at 406,000 last week, which was below the estimate of 425,000 by economists. Meanwhile, the oil prices also continued to rise in hopes of a recovering demand in summer.

As for the Thai market, the negative sentiment over the MSCI rebalancing had passed, while the vaccine rollout and a registration for alternate vaccine could help lift the Thai economy, coupled with the 500 billion baht soft loan.

Tisco Securities gave a support level for today’s session at 1,578-1,570 points and a resistance level at 1,590-1,600 points.