Thai shares joined an across-the-board global stock market rally, climbing above the 1,500-point barrier yesterday as investor appetite increased after the Federal Bureau of Investigation (FBI) reaffirmed that Hillary Clinton would not face charges over her use of a private email server.
The SET index on the eve of the US presidential election jumped at the market's opening bell, moving back and forth between just above and shy of the psychological 1,500 level before closing at 1,502.27 points -- a 1.1% gain -- with 52.7 billion baht worth of shares changing hands.
Thai shares, like other bourses, fell below the 1,500-point threshold last week as most opinion polls showed Mrs Clinton's lead over Donald Trump had narrowed after the FBI reopened a probe into her use of an unauthorised e-mail server.
Foreign investors continued their selling spree in Thai shares yesterday, albeit at a slower pace. They yanked 722.7 million baht out of the Thai stock market on Monday, stretching their net sales to 6.55 billion this month.
Japan's Nikkei 225 was the biggest winner among Asian bourses yesterday, up 1.6% at 17,177.21. South Korea's Kospi gained 0.8%, reaching 1,997.58, while Hong Kong's Hang Seng index advanced 0.7% to 22,801.40. Shanghai's composite index rose 0.3% to 3,133.33, and Taiwan's Taiex soared 1.3% to 9,189.84.
Stocks in Southeast Asia were mostly higher, but the Philippines' benchmark index bucked the market's trend, losing 0.4%.
Phillip Securities Thailand assistant vice-president Teerada Chanyingyong said the Thai stock market tracked the global market's euphoria, bolstered by eased concerns after the FBI reiterated that Mrs Clinton's use of a private e-mail server was not a crime.
In the event that Mrs Clinton wins the presidency, investors will be at ease but the upside gain is limited to 1,520 points after the recent rally, she said.
By contrast, the local bourse would slip if Mr Trump wins, Ms Teerada said.
Mrs Clinton remains the odds-on favourite to win the election, and investors think she would be better for stock markets than Mr Trump.
Ms Teerada tipped today's resistance in a range of 1,510-1,520 with support at 1,490-1,480.
Chai Chirasevenuenpraphund, a strategist at Capital Nomura Securities, said a larger lead in the latest polls for Mrs Clinton, a Democrat, over Mr Trump, the Republican nominee, also bolstered stock market sentiment.
He echoed Ms Teerada's view that the SET index will continue rising today, but with the upside capped.
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