On Thursday, TISCO Securities expects the Thai market to extend gains in response to the Monetary Policy Committee (MPC) keeping the policy rate as expected, while signalling a rate maintaining trend for the rest of the year.
Meanwhile, there is an overseas catalyst from the positive sentiment following Micron’s outperformed earnings, which bolsters Asian tech stocks’ rebound.
The securities firm set a resistance level for the SET Index at 1,560 points, with the next level at 1,570 – 1,575 points, and a support level at 1,535 – 1,540 points for today’s session.
Daol Securities estimated that the SET Index may potentially on the uptrend after having rebounded and stay on a positive territory, as the tech selloff has subsided from the better-than-expected Micron financial results, as well as its positive guidance for the next quarter, as such investors are rotating toward stocks that have sharply declined.
The analyst expects the Thai market to move sideways and recover on the positive territory, as the MPC’s rate announcement eased market participants’ concerns and provided clarity for the banking sector.
As for the weak baht and oil prices, the brokerage estimated that these factors to specifically boost the rotated stocks that support the market.
Yesterday, Thailand’s SET Index closed at 1,548.22 points, increased 7.32 points or 0.48%, with a trading value of THB 58.23 billion.
