Thailand’s SET Index rebounded on Friday, moving in the same direction as the regional market, despite no new positive factors to support.
As of 10.10 hrs. local time in Thailand, the SET Index gained 12.63 points or 0.81% to 1,570.24, with a total trading value of THB8,339 million.
Asia Plus Securities anticipates that the SET will rebound and move within a limited range today, in line with other Asian markets that mainly rallied at the opening bell despite the absence of positive factors. However, the Thai market remains optimistic following the reopening of the country and the further relaxation of Covid-19 restrictions, which will result in a healthy economic recovery.
The SET is expected to stay between 1,545-1,550 and 1,565-1,570.
Still, there are a number of pending concerns, such as the interest rate hike and subsequent economic slowdown that will follow. There may be a short-term gain in the index, but downward pressure persists.