Brokers project neutral outlooks for the Thai stock market on Thursday after the SET Index recovered back to a key threshold in the previous session. Analysts said clearer U.S. midterm election results, softer oil prices and lower bond yields helped improve market sentiment.
Krungthai XSpring Securities expects the Thai benchmark to trade sideways within a limited range, citing improved clarity from the U.S. vote, where the Democratic Party secured majorities in both chambers.
The brokerage also noted that easing crude prices and declining bond yields reflected reduced concern over conflict risks in the Middle East, adding support to equities. However, the firm warned investors to remain alert to potential volatility.
The securities firm set a resistance level for the SET Index at 1,520 points, and a support level at 1,490 points
Daol Securities anticipates the Thai bourse to move sideways-up as the investment mood improves following the election outcome. Still, the sharp drop in crude oil prices could weigh on energy stocks, limiting the index’s recovery.
The analyst recommends investors closely monitor corporate earnings and U.S. labor data due on Friday.
Yesterday, Thailand’s SET Index closed at 1,502.09 points, increasing by 11.08 points or 0.74%, with a trading value of THB 76.97 billion.
