Major stock markets in Asia traded mostly higher on Tuesday after China reported an improvement in China’s factory activity in May.
As of 11:00 local time in Thailand on May 31, 2022, Nikkei rose 0.04%, SSEC increased 0.75%, Hang Seng Index gained 0.34%, ASX 200 dipped 0.65% and IDX Composite advanced 0.41%.
Thailand’s SET Index opened at 1,654.56 points, increased 0.95 points of 0.06%.
Earlier this morning, China’s official manufacturing purchasing managers’ index (PMI) in May improved to 49.6, compared to 48.7 expected and 47.4 in April.
However, the reading was still below the 50-point mark that separates growth from contraction.
Non-manufacturing PMI rose to 47.8 in May, vs 46.2 expected and 41.9 in April. Meanwhile, Composite PM was 48.4 vs 42.7 in April.
Mr. Suchet Suktae, Deputy Managing Director, Media Marketing Department of ASL Securities Co., Ltd., through “Kaohoon Jor Talad Program” on May 31, 2022, stated that the trend in European markets and U.S. stock futures are positive and expected Wall Street to continue gaining later today, while oil prices are also on a rise as well.
The analyst added that the support level at 1,650 points would be very crucial to the SET Index, and a resistance level at 1,670 points, if being able to withstand, should eye for further at 1,700 points.
In addition, Mr. Suktae recommended AMANAH (S5/R5.50), GPSC (S70), KCE (TP70) and BBL (TP135-140).