On Friday, Krungthai XSpring Securities expects the Thai market to trade sideways-down along with foreign markets’ trend due to concerns over the U.S. economy, after the labor figures came out lower than expected. Furthermore, selling pressure in tech stocks may potentially weigh on other related stocks in the Thai market.
The securities firms set a resistance level for the SET Index at 1,350 points and a support level at 1,320 points for today’s session.
Daol Securities stated that the SET Index may potentially move with volatility due to investors adjusting their portfolio for the final time before the Sunday election.
Meanwhile, foreign markets faced many volatilities in the past days including sharp declines in stock prices and some assets such as gold, silver, and Bitcoin, which may potentially exert downward pressure on Asian markets through tech stocks (DELTA). Additionally, subdued fund inflows may also weaken investment in the markets (to offset losses from the aforementioned assets).
Yesterday, Thailand’s SET Index closed at 1,346.23 points, decreased 0.31 points or 0.02%, with a trading value of THB 57.38 billion.
