Brokers project neutral outlooks for the Thai stock market on Thursday, with elevated U.S. bond yields weighing on sentiment. Gains in crude oil may offer some support to energy-related shares, limiting downside for the broader index.
Asia Plus Securities expects the Thai benchmark to trade sideways-down, tracking weakness in overseas markets after the U.S. 10-year Treasury yield climbed to its highest level in 24 years. The rise followed minutes from the Federal Reserve meeting, which indicated that most Fed officials still backed one additional interest-rate increase this year.
Oil prices also continued to rise amid ongoing conflicts in the Middle East. The brokerage noted that higher crude prices could benefit oil-linked stocks and help support the index while the market waits for fresh catalysts.
The securities firm set a resistance level for the SET Index at 1,590 points, and a support level at 1,570 points.
Separately, Daol Securities anticipates the Thai bourse to move sideways. In the broader view, stronger oil prices may provide some support to energy stocks, but the Thai market still lacks specific positive drivers.
The brokerage added that bond yields remain high, while foreign fund-flow trends continue to weigh on the overall investment sentiment.
Yesterday, Thailand’s SET Index closed at 1,584.63 points, increasing by 2.41 points or 0.15%, with a trading value of THB 73.64 billion.
