Today's reports

Many negatives are hanging on and weighing on the SET

Market outlook & strategy
We expect the SET to fall further as many negatives are hitting: 1) Market correction in the US, led by tech firms; 2) resurgence of COVID-19 cases in Europe and stricter restrictions; 3) delays in US fiscal stimulus and 4) net sell by foreign investors in the SET. Foreign investors continued to be net sellers in the SET and net short in SET50 index futures. We assign support at 1,250-1,255 and resistance at 1,270-1,275. Those who still hold 75% of stocks in their portfolio, should hold until we recommend downsizing again. Speculation should be cautious as the market is very fluid.
 
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Industry analysis
Petrochemicals – Sharp rise in naphtha cost hurt spread
 
Company analysis
AEONTS – Lower provisions - but lower NIM – Neutral