On Tuesday, Krungthai XSpring Securities expects the Thai market to rebound along with the U.S. markets and Asian markets, after G7 nations prepared to release oil reserves, bringing the price down to below $100 per barrel. Furthermore, the U.S. President Donald Trump stated that the U.S. will take control of the Strait of Hormuz to allow oil transportation. Additionally, market participants anticipated a quick end to the war, as they believed the war had reached its peak, although they remained cautious of the volatilities.
The securities firms set a resistance level for the SET Index at 1,425 – 1,430 points and a support level at 1,370 – 1,375 points for today’s session.
Kingsford Securities stated that the SET Index may potentially rebound in the morning session, setting a support level at 1,360 – 1,380 points and a resistance level at 1,400 – 1,420 points, after WTI Futures declined 9% to $86.1 per barrel this morning due to President Trump signal an early end to the war.
The analyst firm recommends investors accumulating stocks with the value theme that trading near the support level such as ADVANC, TRUE, KBANK, SCB, KTB, and GULF.
Yesterday, Thailand’s SET Index closed at 1,382.97 points, decreased 27.40 points or 1.94%, with a trading value of THB 94.19 billion.
