On Thursday, Krungthai XSpring expects the Thai market to exhibit downward movement along with the foreign market trends, as oil prices has rebounded to beyond $90 per barrel, and the Middle East tension showed no sign of de-escalation, especially with the attack on ships passing through the Strait of Hormuz, raising uncertainties about the end of the conflict.
The securities firms set a resistance level for the SET Index at 1,420 points, with a support level at 1,380 points for today’s session.
Daol Securities stated that the SET Index may potentially move with volatility today with a possibility of decline, as most investors halted their activity or maintained a wait and see stance, while engaging in short-term speculative moves on big-cap stocks based on the daily updates on the war. Additionally, listed companies are receiving an ex-dividend (XD) mark.
Domestically, the analyst house recommends investors closely monitor the selection of the Speaker of the House of Representative at the National Assembly meeting this weekend, as this is a unique positive factor for the Thai market stemming from the earlier-than-expected formation of the new government.
The brokerage firm also highlights the announcement from the International Energy Agency, which proposed to release 400 million barrels of oil reserve to ease energy costs.
Yesterday, Thailand’s SET Index closed at 1,407.34 points, increased 1.58 points or 0.11%, with a trading value of THB 66.70 billion.
