Stocks in Asia traded higher on Monday, March 29, 2021, as the analysts expected SET Index to move sideways up after the prospect of reopening the country, starting with the Phuket model that could lead to more relaxation in other hotspots.
As of 9:55 local time in Thailand on Monday, Nikkei rose 1.06%, SSEC gained 0.76%, HSI increased 0.3%, Kospi advanced 0.24%, and ASX 200 remained flat.
Tisco Securities expected the Phuket model to boost tourism sentiment as well as trading sentiment. In the meantime, the analyst stated that there could be a Window Dressing as the closing of the first quarter draws near, but the market would not have a big gain due to the profit-taking.
Meanwhile, the U.S. bond yield remained at a higher level and the appreciation of the greenback resulted in a lack of fund flow into the emerging markets.
The analyst suggested investors to monitor global PMI, giving a support level at 1,560-1,565 points and a resistance revel at 1,580-1,585 points.