On Tuesday, Maybank Securities (Thailand) expects the Thai market to move sideways, as market participants are monitoring the peace negotiation in the Middle East.
Domestically, the Thai bourse was bolstered by the better-than-expected April export figures. However, there are potential selling pressures from profit-taking action on electronic stocks that are under market surveillance measure and have recently surged.
The securities firms set a resistance level for the SET Index at 1,560 points and a support level at 1,540 points for today’s session.
Daol Securities stated that the Thai stock market may potentially move positively in response to the U.S.-Iran peace talk, despite the report of U.S. strike on an Iranian ship this morning.
Nevertheless, the oil-related stocks may be pressured by the peace prospect, as the easing tension may decrease the global oil prices.
Domestically, the government stimulus measures remain the key catalyst, particularly the “Thai Chuay Thai Plus” program, which has opened for registration with overwhelming support due to the prospect of a substantial cash flow into the grassroot economy.
Yesterday, Thailand’s SET Index closed at 1,550.33 points, increased 11.66 points or 0.76%, with a trading value of THB 63.48 billion.
