Institutions Join Hands with Foreigners for Profit-Taking by ฿5Bn, Plunging SET by 16pts

The total value of buying and selling separated by the investor's type as of May 22, 2020.

SET Index closed at 1,303.97 points, decreased 16.72 points or 1.27% with a trading value of 64.4 billion baht. The analyst stated that the Thai stock market closed lower in the same direction of global markets over the rising tension between the U.S. and China after Beijing intended to implement new national security law to prevent further protest, while the U.S. vowed to retaliate against China if the latter decided to do so.

The analyst expected the SET Index to recover next week as Thailand did not have any domestic negativity that would weigh on investors sentiment, while the development of the coronavirus outbreak was quite well.

Thus, the analyst set a support level for next week at 1,280 points and a resistance level at 1,320 points.

– Individuals scooped 5.2 billion baht after Local Institutions and Foreigners plunged the market with a combined selloff worth 5 billion baht.