The Thai stock market plunged as much as 20.22 points or 1.28% to 1,570.37 points before closing the morning session at 1,573.85 points, decreased 16.74 points or 1.05% with a trading value of 29.3 billion baht.
Unlike the major stocks in the region that traded higher due to the higher-than-expected Chinese manufacturing data in November.
Finansia Syrus Securities (FSS) has stated that the plummet in the morning session might due to a selloff from foreign investors after a short selling in TFEX over 50,000 contracts around 10 billion baht last Friday. The market started to crumble after the index fell below 1,580 points, causing further selloff.
In the afternoon session, FSS has given a support level at 1,570-1,565 points and a resistance level at 1,580-1,590 points.
Kasikorn Securities (KS) stated that the Thai stock market will face volatility in the first two weeks of December mainly from the uncertainty of the “Phase 1” deal between the U.S. and China and the news of Russia not ready to cut oil output. Meanwhile, Thailand’s exports and imports stall have yet to recover, and the unstable outlook on the government may cause worry to foreign investors.