On Thursday, Maybank Securities expects the Thai market to trade sideways due to uncertainties over the Middle East situation, as Iran resumed blockade on the Strait of Hormuz in retaliation for the U.S. and Israel’s violation of the ceasefire agreement.
Domestically, there are positive factors from the government policy announcement and the prospect of economic stimulus measures.
The securities firms set a resistance level for the SET Index at 1,500 points and a support level at 1,475 points for today’s session.
Kingsford Securities set a resistance level for the SET Index at 1,490 – 1,500 points and a support level at 1,470 – 1,480 points for today’s session, forecasting the Thai market to potentially stabilize after Iran resume blockade on the Strait of Hormuz, as Israel continued to attack the Hezbollah group in Lebanon. Furthermore, investors are monitoring the U.S.-Iran peace talk tomorrow.
As such, the brokerage house recommends investors accumulate stocks in the retail sector including CPALL, CPAXT, TNP, CPN, OSP, CBG, and ICHI when the SET Index has declined, as these stocks may potentially benefit from the government stimulus measures. The recommendation was also given to stocks that may benefit from investment incentive measures such as STECON, CK, AMATA, and WHA.
Yesterday, Thailand’s SET Index closed at 1,485.03 points, increased 20.60 points or 1.41%, with a trading value of THB 66.92 billion.
