On Thursday, Krungthai XSpring expects the Thai market to move sideways within range as investors have largely priced in the election result, and are now waiting for the formation of the new government.
Meanwhile, the U.S. Non-Farm employment figures came out better than expected, partially easing the concerns of the U.S. economy slowing down. However, this also reduced the prospect of the Federal Reserve rate cut, causing the bond yield to rise.
The securities firms set a resistance level for the SET Index at 1,420 points and a support level at 1,400 points for today’s session.
Daol Securities stated that the SET Index may potentially move sideways with volatility, although there is an upside from political clarity after the Bhumjaithai Party secured a decisive victory in the 2026 election, which created confidence for a stable government.
However, the Thai market may potentially be weighed by the World Bank’s reduction of Thailand’s 2026 GDP forecast, which was slashed to 1.6%, as well as negative sentiment from tech stocks in the global market, which faced profit-taking actions due to concerns over AI disruption.
Nevertheless, rising oil prices from tensions in the Middle East may help buoy energy stocks, which if the SET Index surpasses the resistance level of 1,420, it will become a positive sign.
Yesterday, Thailand’s SET Index closed at 1,411.70 points, increased 1.26 points or 0.09%, with a trading value of THB 59.97 billion.
