Major stock markets in Asia traded in a mixed session on November 3, 2021, as oil prices dropped overnight on concerns of an increase in output from OPEC.
Thailand’s SET Index opened 1,620.81 points, increased 2.92 points or 0.18%.
As of 10:15 local time in Thailand, Shanghai Stock Exchange slipped 0.19%, Hang Seng Index dropped 0.84%, ASX 200 jumped 1.01% and IDX Composite rose 0.21%.
Brent crude continued to fall in the early trading session of Asian markets, falling 1.59% to $83.37 per barrel. Meanwhile, West Texas Intermediate (WTI) dropped 1.88% to $82.33 a barrel.
Mr. Chaiyot Jiwangkul, Assistant Director of Krungsri Securities (KSS), through “Kaohoon Jor Talad” on November 3, 2021, stated that the oil prices had plunged around $2 per barrel since last night, which could send a negative sentiment to the Thai stock market, while the SCB’s deal with “Bitkub” might not be able to offset the negative factor from oil prices.
THe analyst expected the movement in the Thai stock market could be similar to yesterday’s session, giving a support level at 1,610 points and advising investors to enter if SET Index dropped to 1,600 level.