The Analyst Expects SET to Keep Good Momentum amid Plummet in Asia Stock Markets

The Analyst Expects SET to Keep Good Momentum amid Plummet in Asia Stock Markets.

Stocks in Asia traded mostly lower on Friday, April 9, 2021, even after the S&P 500 hit a new high in yesterday’s trading session.

 

As of 9:35 local time in Thailand, Nikkei rose 0.35%, SSEC dropped 0.72%, HSI slipped 0.62%, ASX 200 fell 0.44% and Kospi decreased 0.40%.

Last night, S&P 500 gained 0.42% to close at an all-time high at 4,097.17 points. Dow Jones closed 0.17% higher at 33,503.57 points and Nasdaq rose 1.03%.

Yesterday, SET Index closed at 1,558.83 points, increased 2.27 points or 0.15% with a trading value of 83.6 billion baht.

 

Tisco Securities expected SET Index to edge higher after a plummet in yesterday’s session, but able to maintain above 1,550 points, and a technical rebound in the afternoon session to close slightly higher. The analyst saw this as a positive signal.

Meanwhile, Fed’s Chairman Jerome Powell stated that high spending in the U.S. after the reopening would not cause inflation rate to spike, resulting in a drop of U.S. bond yield.

Nevertheless, the rising coronavirus cases in Thailand and the upcoming long holliday might slow down buying pressure in the Thai stock market.The analyst expected a support level at 1,550-1,540 points and a resistance level at 1,565-1,570 points.

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