On Wednesday, Maybank Securities expects the Thai market to trade sideways with no new negative factors, as the market has largely priced in yesterday’s positive factors, including Israel-Iran ceasefire, and the cabinet approving the THB 115 billion economic stimulus plan. These factors caused the market rally to cool down.
The securities firm recommends investors closely monitor the Monetary Policy Committee (MPC) meeting today, which forecasted to maintain the interest rate. However, should the MPC decide to cut rates, it will become a surprise positive factor for the market.
For overseas, the firm advises investors to closely monitor the U.S. new house price in May, and the Fed Governor Jerome Powell’s address to the Congress.
The firm set a resistance level for the SET Index at 1,090 points and a support level at 1,100 points.
Yesterday, Thailand’s SET Index closed at 1,100.01 points, increased 37.23 points or 3.50% with a trading value of THB 52.84 billion.
