Stocks in Asia edged mostly higher on Monday morning as investors continued to watch the development of the coronavirus outbreak in the U.S. and Europe.
As of 9:35 local time in Thailand on Monday, SSEC rose 0.47%, HSI dipped 0.14%, ASX 200 increased 0.49% and Kospi gained 1.71%.
Last Friday, the U.S. reported a record-high increase of more than 195,500 new cases in one day, which brought the seven-day average of new cases up over 167,600, an increase of nearly 20% compared with a week ago. The country also reported 1,500 deaths daily, a record not seen since May.
Capital Nomura Securities (CNS) stated that the Thai stock market might have a limited upside in today’s session after a series of rally last week following the fund flow from Local Institutions and Foreign Investors that had been weighing on the rebalancing of MSCI, FTSE, SET50 and SET100 in the past few days. SET Index gained more than 200 points in three weeks.
Moreover, the BOT’s allowance for financial institutions to pay a dividend, coupled with the RCEP agreement are also catalysts for the Thai stock market in mid-term to long-term.