Tisco Securities stated that the Thai stock market is expected to move in sideways trends and could slowdown due to a resires of rally in November with a current P/E at 18x and low upside to share prices.
Moreover, the market would monitor the development of a person contracting Covid-19 in Chiang Mai to see if there would be a spread or not. The MSCI rebalancing will take effect at the closing of today’s session, which the index weighed down Thai stocks from 1.91% to 1.87%, reflecting an outflow of $114 million. Additionally, the Bank of Thailand will announce October’s economic data today.
The analyst stated that Asia stock markets moved in both positive and negative territories in the morning session, giving a support level at 1,430 points and a resistance level at 1,445-1,454 points.
As of 9:32 local time in Thailand (GMT+7), Nikkei rose 0.05%, SSEC gained 1.03%, HSI dipped 0.20%, ASX 200 dropped 0.76% and Kospi fell 0.34%.
China’s National Bureau of Statistics announced Monday that the official manufacturing PMI for November was at 52.1. That was above expectations for a 51.5 reading forecast by analysts in a Reuters poll.