Stocks in Asia traded fluctuated on Tuesday, but mostly higher as investors are looking ahead to the U.S. inflation data in August later today, despite positive sentiment from Wall Street as Dow Jones snapped its 5-day losing streak.
Thailand’s SET Index opened at 1,638.28 points, increased 4.52 points or 0.28%.
As of 10:10 local time in Thailand on September 14, 2021, Nikkei rose 0.38%, Shanghai Composite gained 0.10%, Hang Seng Index increased 0.09%, IDX Composite advanced 0.44%, while Australian ASX 200 dropped 0.40%.
Last night, Dow Jones and S&P 500 finally snapped their 5-day losing streak, closing 0.76% and 0.23% higher, respectively. Meanwhile, Nasdaq Composite slipped 0.07% to its fourth day of losses.
Mr. Suchet Suktae, Deputy Managing Director, Media Marketing Department of ASL Securities Co., Ltd., through “Kaohoon Jor Talad Program” on September 14, 2021, stated that the political issues in Thailand are progressing in a positive direction, while investors are looking for the Fed’s meeting next week for signals of asset tapering and policy rate.
As for the stock market, Mr. Suktae pointed out that recovery in BDI could post a positive sentiment to export-related stocks. ASL recommended DTAC (Res Bt42 – Sup Bt37), PTTGC (Res Bt62/65 – Sup Bt60/58), MTC (Res Bt65/70 – Sup Bt60) and PJW (Res Bt5 – Sup Bt4.5)
Mr. Suktae estimated today’s resistance level at 1,650 points and a range of support level at 1,630-1,625 points, the next support level is 1,620 points that Mr. Suktae cautioned of negative factors in the market if the index drops to that point.
In addition, the analyst set the goal for SET Index to reach 1,700 points in September and 1,750 points in November as Covid-19 situation is getting better. The overall economic outlook is also moving in a positive direction while vaccines are flooding into Thailand, especially Moderna’s mRNA.