On Friday, Krungthai XSpring Securities expects the Thai market to move sideways-down due to selling pressure from ADVANC on an ex-dividend (XD) date today. Additionally, the market overall may stabilize after having sharply surged yesterday.
However, there are remaining positive catalysts from the Monetary Policy Committee (MPC)’s earlier-than-expected rate cut, listed companies’ announcing dividend payments, as well as the formation of the new government.
The securities firms set a resistance level for the SET Index at 1,540 points, with a support level at 1,500 points for today’s session.
Daol Securities stated that the SET Index will move with volatilities from MSCI Rebalance, and the result of the U.S.-Iran nuclear talks. Furthermore, there are selling pressures from big-cap stocks that will gradually receive an XD mark. For today, ADVANC, which has THB27.41 dividend payment, has received an XD mark. In addition, two large-cap equities (TOP and PTTEP), which have already received an XD mark, will likely see their price plummeting to lower than the dividend payout.
Yesterday, Thailand’s SET Index closed at 1,533.64 points, increased 17.63 points or 1.16%, with a trading value of THB 77.69 billion.
