Brokers project positive outlooks for the Thai stock market on Wednesday, as Wall Street benchmarks set new records and Asian indices saw positive starts, boosting investor sentiment on optimism over geopolitical developments.
Krungthai XSpring Securities expects the Thai benchmark to move sideways-up in line with global trends, following overnight rallies on the Dow Jones and S&P 500 indices, both reaching new highs.
Early trading in Asia also showed continued upward momentum, with regional markets reacting to encouraging progress in negotiations between the United States and Iran over reopening the Strait of Hormuz. Softening oil prices and a decline in bond yields are further improving market mood.
The securities firm set a resistance level for the SET index at 1,630 – 1,635 points, and a support level at 1,605 – 1,610 points.
Simultaneously, Daol Securities also forecast a sideways-up trend for the Thai bourse, citing a recovery in global risk appetite—especially from U.S. investors.
Stabilization of the Japanese yen, attributed to recent intervention efforts already being factored in, may refocus market attention on fundamentals. This could encourage renewed investment in North Asian semiconductor stocks, a development expected to benefit Thai electronics shares as well.
Yesterday, Thailand’s SET Index closed at 1,617.13 points, decreased 4.77 points or 0.29%, with a trading value of THB 77.75 billion.
