On Wednesday, Asia Plus Securities expects the Thai market to extend gains along with Asian markets’ trend, after the U.S. extended ceasefire to one month, and the U.S. President Donald Trump reaffirmed the peace talk effort with Iran. These factors eased geopolitical tension.
Furthermore, the declining oil prices and US dollar also bolstered the market sentiment.
Daol Securities also anticipated the Thai market to extend gains following the rebound in the foreign markets. However, the market still lacks clarity on the Middle East situation, as both the U.S. and Iran’s stance on the peace talks remain muddled and conflicted, causing high volatility in crude prices.
Domestically, there are supporting factors from the formation of the new cabinet, which progressed with great clarity, and the planned electricity prices increase, which reduced pressures on the utility sector.
Both securities firms set a resistance level for the SET Index at 1,430 points and a support level at 1,400 points for today’s session.
Yesterday, Thailand’s SET Index closed at 1,410.39 points, increased 13.05 points or 0.93%, with a trading value of THB 61.54 billion.
