SET Wards Off Negativity in Asia Markets, Jumping 12pts as Fund Inflow Buoys Thai Market
Asia Stocks Pull Back on Tuesday Following the Plummet in Wall Street over Rising Covid Cases.
The Thai stock market surged in the morning session on Tuesday despite the plummet in major stock markets in Asia as the analyst expected the fund flow would continue to buoy the market, especially big-cap power-generation stocks.
As of 10:35 local time in Thailand on Tuesday, SET Index rose 11.56 points or 0.79% to 1,479.80 points with a trading value of 24.9 billion baht. In the meantime, Nikkei dropped 0.10%, SSEC slipped 0.05%, HSI fell 0.20%, ASX200 decreased 0.25%, while Kospi rose 0.23%.
Last night, the Dow Jones Industrial Average closed 382.59 points or 1.25% lower at 30,223.89 points. The S&P 500 dipped 1.48% to close at 3,700.65 points. The Nasdaq Composite dropped 1.47% to 12,698.45 points.
Finansia Syrus Securities (FSS) estimated that the buying pressure in the market might be from Institutional Investors and Foreign Investors, focusing in global-play stocks and those with low impact from coronavirus, such as power-generation stocks, petrochemical, and electronic stocks.
Moreover, the global outlook also supported stocks in global play due to the upcoming of the coronavirus vaccine and higher oil prices as well as GPM.