SET Breaks the Support Level, Dropping Below 1,245pts as Global Markets Retreat
SET Breaks the Support Level, Dropping Below 1,245pts as Global Markets Retreat.
SET Breaks the Support Level, Dropping Below 1,245pts as Global Markets Retreat.
25 ก.ย. 2563

SET Index dropped 19.05 points or 1.51%, breaking the support level and down to 1,244.96 points after a huge loss in the U.S. stock market.
 
Yesterday, Dow Jones closed 525.05 points lower, dropping 1.9% to 26,763.13 points. Meanwhile, the S&amp;P 500 Index fell 2.4% and the tech-heavy Nasdaq continued to plunge by another 3%.
 
Asia Wealth Securities (AWS) expected the SET Index today to move side-way to side-way down due to the lack of new positive supporting factors. While the MPC meeting had no new positive factors despite the 2020 GDP revision shrinking less than original estimates, the recovery still has some risks.
As a result, the GDP forecast in 2021 remains downward, as well as negative factors from the depreciation of Thai baht from the indirect impact of the depreciation of the euro and pound.
Therefore, AWS maintained the same investment strategy, focusing on holding more than 50% of the cash and chose to invest in Laggard play, Defensive Stock (Dividend Stock) and DCA based on our Theme Investment.
 
Kasikorn Securities (KS) stated that the SET will continue to be affected by the domestic political situation, especially the Senate’s charter draft amendment vote today, which will require support from at least 1/3 of the 250 Senate members. At yesterday’s meeting, most Senators disagreed with many sections of the government’s draft. Foreign investors are monitoring the protest situation. Therefore, the SET in Sept may fall below KS’ earlier support level estimate of 1,260 points.
 