Asian Stocks Trade Higher as Analyst Recommends Thai Export-Related Stocks
Stocks in the Asia market traded mostly higher on Thursday, but with limited upside after Wall Street closed lower last night.
As of 9:35 local time in Thailand on June 24, 2021, Nikkei rose 0.15%, SSEC gained 0.04%, HSI increased 0.45%, Kospi advanced 0.37%, while ASX 200 fell 0.18%.
Last night, Dow Jones closed at 33,874.24 points, decreased 71.34 points or 0.21%. S&P 500 snapped its two-day winning streak with a 0.11% decline. However, Nasdaq continued to make another record high with a gain of 0.13% to close at 14,271.73 points.
Yesterday, SET Index closed at 1,592.08 points, decreased 7.15 points or 0.45% with a trading value of 77.7 billion baht.
Kasikorn Securities expected the Thai stock market to move narrowly in the morning session amid weakening Thai baht and a slowdown of fund flow from institutional and foreign investors after the Bank of Thailand cut 2021 GDP and forecast inbound travellers.
The analyst expected the Thai stock market to move in sideways-down trends and advised investors to avoid commodity and sea freight stocks, while showing interest in export-related stocks (ASIAN, TU and CBG). Lastly, the analyst estimated a support level for SET Index at 1,585 points and a resistance level at 1,610 points.