On Friday, Asia Plus Securities expects the Thai market to move sideways within range, but with a potential consolidation from the selling pressures in U.S. tech stocks, which may pressure related stocks, while there are no new catalysts.
Additionally, the U.S. May PCE figures came out inline with the market’s expectation, thus having no impact on interest rate outlook.
The securities firm set a resistance level for the SET Index at 1,565 points, and a support level at 1,545 points for today’s session.
Daol Securities stated that the SET Index may potentially decline, with DELTA remaining the market directing stock. Meanwhile, today’s trading is expected to be sector rotations toward major equities.
Asian markets opened negatively as market participants priced in the U.S. PCE figures, which came out last night. As the figure—while coming out better than expected—also raised inflationary concerns.
For strategy, the brokerage firm reiterated that this is an opportunity to accumulate stocks that have previously declined such as THAI, CBG, OSP, GLOBAL, and CPALL.
Yesterday, Thailand’s SET Index closed at 1,558.55 points, increased 10.33 points or 0.67%, with a trading value of THB 85.99 billion.
