On Monday, TISCO Securities expects the Thai market to trade with volatilities due to tensions in the Middle East, after the U.S. threatened to attack Iran’s energy grid if it did not reopen the Strait of Hormuz, while Iran warned of retaliatory strike on the regional energy facilities. These exchanges have become a negative sentiment for the market.
Meanwhile, the Thai market has three positive factors including the energy stocks, the formation of the new government, and the high dividend yield, which helped bolster the market.
The securities firms set a resistance level for the SET Index at 1,440 – 1,445 points. A support level was given at 1,420 and 1,410 points for today’s session.
Kingsford Securities set a resistance level for the SET Index at 1,440 points and a support level at 1,400 –1,410 points for today’s session, forecasting the Thai market to decline along with the regional markets trend, after the U.S. issued the 48-hour ultimatum forcing Iran to reopen the Strait of Hormuz, or the U.S. will attack its energy grid.
The analyst firm recommends investors accumulate stocks with value themes including ADVANC, TRUE, SCB, KTB, GULF, CPF, and CPAXT, as well as speculate on alternative energy sector such as BCPG, BBGI, GUNKUL, and BANPU, as well as petrochemical stocks such as PTTGC, IVL, and IRPC.
Last Friday, Thailand’s SET Index closed at 1,432.99 points, increased 15.54 points or 1.10%, with a trading value of THB 68.6 billion.
