On Tuesday, TISCO Securities expects the Thai market to trade sideways, while still benefiting from foreign fund inflows toward stocks in the Value and Defensive theme, as investors shifted away from global tech stocks.
Nevertheless, there are also some short-term profit-taking pressures, while investors monitor the Federal Reserve minutes, as well as the Constitutional Court’s consideration of the Emergency Loan Decree.
The securities firm set a resistance level for the SET Index at 1,625 – 1,630 points, and a support level at 1,600 – 1,605 points for today’s session.
Daol Securities estimated that the SET Index will move sideways, as investors pricing in the weaker-than-expected inflation figures, which reduced the Bank of Thailand rate hike pressures. Additionally, there are fund inflows from foreign net buy in the Thai bourse.
However, the Thai market still has overhang from the Constitutional Court consideration on July 9, which may potentially cause volatility.
Yesterday, Thailand’s SET Index closed at 1,616.88 points, increased 5.60 points or 0.35%, with a trading value of THB 66.13 billion.
