On Wednesday, TISCO Securities expects the Thai market to trade sideways-up due to continued fund inflows and investors switching from growth stocks to defensive and value stocks, which bolstered the Thai market. Additionally, there are positive catalysts from specific stocks, particularly the banking stocks, which have share buyback programs and dividend announcements, and GULF, which announced a special dividend payout.
The securities firm sets the resistance level for the SET Index at 1,470 points and 1,480 points. A support level is given at 1,445-1,450 points for today’s session.
Daol Securities anticipates the SET Index to extend gain and reach the next resistance level after having surpassed 1,450 points, although volatilities remain high.
Key supporting factors include the return of foreign fund inflows, which buoyed the Thai market into the opposite trend of its regional peer, which either closed or declined during the Lunar New Year, as well as political clarity on the formation of the new government.
However, there are risk factors from tensions in the Middle-East and the escalating Russia-Ukrainian war, as well as the declining gold and commodities prices, which may affect related stocks.
Yesterday, Thailand’s SET Index closed at 1,459.68 points, increased 21.59 points or 1.50%, with a trading value of THB 65.24 billion.
