Krungsri Securities (Thailand) (KTBST) stated that the SET Index is moving closer to the most important resistance level at 1,500 points and 1,530 points. Even though there is a fund inflow from foreign markets, there would be more profit-taking occurred, coupled with a “switch” from one sector to another until the market eased concerns of the coronavirus.
As for this week’s strategy, KTBST recommended a “short-term play” and “sell the rips” to increase the cash on hand to “buy the dips” later.
Major stock markets in the Asia Pacific edged higher in the morning session as investors reacted positively to the FDA’s approval of Pfizer/BioNTech’s vaccine for an emergency in the U.S.
As of 9:30 local time in Thailand on Monday, Nikkei rose 0.72%, SSEC increased 0.09%, HSI gained 0.05%, ASX200 advanced 0.48% and Kospi hiked 0.04%.
Late Friday, The U.S. Food and Drug Administration has approved Pfizer and BioNTech’s coronavirus vaccine for an emergency use as the pandemic reaches a critical point in the United States,
The authorization is for those aged 16 and older.
“The FDA’s authorization for emergency use of the first Covid-19 vaccine is a significant milestone in battling this devastating pandemic that has affected so many families in the United States and around the world,” wrote FDA Commissioner Stephen M. Hahn, M.D. in a statement.
The situation of the coronavirus pandemic in the U.S. has reached its critical point when the total deaths in the country surpassed 300,000 people with nearly 16.3 million people contracted the virus.
Last Wednesday, the U.S. recorded 3,124 new deaths from the virus, which was the highest single-day death from the pandemic so far.