Kaohoon Morning Brief – 29 March 2024

Tisco Securities stated that the SET Index is expected to see a limited recovery this morning with a support level at 1,368-1,365 points and resistance at 1,385-1,390 points with a significant positive factor being the surging crude oil prices that rose more than 2% due to expected oil supply tension in the global market. This increasing tension stems from the Organization of Petroleum Exporting Countries (OPEC), and its allies, collectively known as OPEC+, which are likely to maintain their policy of reduced production. Moreover, assaults on Russia’s energy infrastructure seem to persist.

While the impact from the expiration of futures contracts yesterday has subsided, some buying power might return to stocks that recently adjusted downwards.

Nonetheless, the recovery of the SET index may be short-lived due to investors closely monitoring the release of the Personal Consumption Expenditures (PCE) index tonight for an assessment of inflationary trends and the direction of interest rates set by the Federal Reserve. Note that most stock markets around the world will be closed today (29th March) for Good Friday.


Yesterday, the S&P 500 and Dow Jones closed at a fresh all-time high on Thursday at 5,254.35 points and 39,807.37 points. However, the Nasdaq Composite fell 0.12% to settle at 16,379.46.

The S&P 500 rose more than 10% this quarter and 3.1% for the month, driven by gains in Nvidia. Meanwhile, the newly added Reddit fell almost 25% in two days at $49.32 to close below the closing price of its first trading day.


China is ending its three-year anti-dumping and anti-subsidy tariffs on Australian wine from March 29, according to the announcement from the Chinese commerce ministry on Thursday. During this controversy between the two countries, the tariffs for wine was as high as 218%.