On Tuesday, Asia Plus Securities expects the Thai market to trade sideways, with supporting factors from the U.S. and Iran moving forward with the 60-day peace talks, and the U.S. allowing Iran to export oil during the period. While this may potentially be a downward pressure on oil-related stocks, investors’ interest will rotate toward sectors that have previously been pressured instead.
The securities firm set a resistance level for the SET Index at 1,590 points and a support level at 1,565 points for today’s session.
Daol Securities stated that the SET Index may still move sideways within limited range, as the market lacks guiding catalysts, while investors await the peace talks result, or positive news from the U.S.-Iran ceasefire, which has significantly progressed.
Furthermore, there are a potential catalyst from the Asian market tomorrow, as MSCI Index will announce weighting revision on the South Korean and Indonesian market, which may positively affect fund flows toward other markets including Thai bourse—particulary the first three Thai big-caps including DELTA, ADVANC, and PTT.
Yesterday, Thailand’s SET Index closed at 1,574.13 points, increased 1.63 points or 0.10%, with a trading value of THB 66.89 billion.
