Stocks in Asia mixed on Wednesday, April 7, 2021, following the overnight loss in Wall Street even with an upgraded global GDP forecast to 6% this year from a faster-than-expected economic recovery.
As of 9:21 local time in Thailand on April 7, 2021, Nikkei dipped 0.2%, SSEC dropped 0.72% and HSI decreased 0.41%. Meanwhile, ASX 200 rose 0.26% and Kospi increased 0.27%.
Yesterday, Dow Jones decreased 0.29%, S&P 500 dipped 0.10% and Nasdaq slipped 0.05%.
On Tuesday, the International Monetary Fund (IMF) projected that the global economy will grow by 6% in 2021, 0.5 percentage point above the January forecast, expecting a stronger economic recovery in 2021 as Covid-19 vaccine rollouts get underway.
Nonetheless, the future presents “daunting” challenges, said the IMF chief economist Gita Gopinath. “The pandemic is yet to be defeated and virus cases are accelerating in many countries.”
Tisco Securities expected limited movement for the Thai stock market in sideways trends to sideway-down due to the increase in domestic Covid-19 cases, coupled with an outflow to reduce the risk. The analyst gave a support level at 1,570-1,575 points and a resistance level at 1,590 points.