Mr. Sorrabhol Virameteekul, Assistant Managing Director and Head of Investment Strategy Department at Kasikorn Securities, stated that the Stock Exchange of Thailand (SET) Index closed the morning session lower by 0.49%, or 7.01 points, at 1,410.28 points, as investors reduced risk and took profits amid persistent pressure from Middle East tensions.
The broker noted that most stocks fluctuated sideways, while the conflict situation in the Middle East showed no positive developments. Yesterday, there were reports of Iran attacking a U.S. oil tanker, but no further bad news has emerged. However, close monitoring of the shipping situation in the Strait of Hormuz is still necessary to see when it will return to normal.
There are two scenarios being assessed. If the situation resolves within one month, the key support level is at 1,375 points and the downside risk to the economy would be around 0.2%, which is not significant. However, if the situation drags on for three months, the index could fall further, and the impact on the Thai economy could be around 0.6%.
The afternoon outlook expects the market to swing in a similar manner to the morning session, with continued monitoring of the Middle East situation required. In the short term, the key support level is at 1,375 points and the resistance is at 1,444 points.
The top five securities by trading value in the morning session are as follows:
- Kasikornbank PCL (SET: KBANK): Trading value THB 2.36 billion, closed at THB 188.50 per share, down THB 1.50 or 0.79%.
- PTT Exploration and Production PCL (SET: PTTEP): Trading value THB 2.22 billion, closed at THB 139.50 per share, down THB 0.50 or 0.36%.
- Delta Electronics (Thailand) PCL (SET: DELTA): Trading value THB 2.05 billion, closed at THB 258.00 per share, unchanged.
- Gulf Development PCL (SET: GULF): Trading value THB 1.71 billion, closed at THB 56.75 per share, up THB 0.25 or 0.44%.
- Bangkok Dusit Medical Services PCL (SET: BDMS): Trading value THB 1.38 billion, closed at THB 19.20 per share, down THB 0.20 or 1.03%.
