On Monday, TISCO Securities expects the Thai market to enter the Risk-Off mode, with the SET Index potentially dropping below the 1,400 points again. This was due to the prolonged war in the Middle East, which drove the oil prices affecting inflation and global economy, while domestically, foreign funds have begun to flow outward after three consecutive months of inflows.
The securities firms set a resistance level for the SET Index at 1,430 points and a support level at 1,380-1,385 points, with the next support level at 1,340-1,350 at points for today’s session.
Kingsford Securities stated that the SET Index may potentially decline to 1,320 –1,340 points due to downward pressure from oil prices, with WTI Futures rising to $108 per barrel this morning. Meanwhile, Dow Jones Futures contracted 1.78%, with Nikkei and Kospi both dropping 6%.
Furthermore, the National Economic and Social Development Council (NESDC) forecasted that if the Middle East situations were protracted, the Thai economy may only grow by 1.3%
The analyst firm recommends investors adopt a wait & see stance, or speculate on PTTEP, BCP, BCPG, and BBGI.
Last Friday, Thailand’s SET Index closed at 1,410.37 points, decreased 6.92 points or 0.49%, with a trading value of THB 62.89 billion.
