Institutions-Prop Trade Remain Strong Buyers, Buoying SET with a ฿3.1Bn in Value

A short summary to inform investors of what had happened in the Thai stock market on January 7, 2021.

SET Index closed at 1,513.78 points, increased 21.42 points or 1.44% with a trading value of 121 billion baht. The analyst stated that the Thai stock market closed higher, following positive sentiment in global markets in the anticipation of more and faster stimulus plans in the U.S. after the U.S. Congress confirmed Biden’s win. Meanwhile, an increase in oil prices also supported energy sector as well.

In addition, the analyst recommended investors to monitor the upcoming financial statement of the banking sector, which is expected to be released next week, as well as the development of coronavirus cases in Thailand, even though the market already priced-in this factor. The analyst stated that the market could rebase in tomorrow’s session, especially in big-cap stocks, giving a support level at 1,500 points and a resistance level at 1,520 points.

– Local Institutions and Proprietary Trading continued to buoy Thai stock market non-stop as SET Index rebounded from the negative session to close 21pts higher.