On Thursday, Asia Plus Securities expects the Thai market to trade sideways after having sharply surged yesterday, as investors are awaiting for further clarity on the negotiation between the U.S. and Iran, after news of disagreement between both sides.
Additionally, there are potential downward catalysts from crude prices surging back to $100 per barrel, and domestic oil prices suddenly increased by THB 6 per liter, which intensifies pressure on the Thai economy and inflation.
The securities firms set a resistance level for the SET Index at 1,465 points and a support level at 1,430 points for today’s session.
Kingsford Securities set a resistance level for the SET Index at 1,460 – 1,470 points and a support level at 1,440 – 1,450 points for today’s session, forecasting the Thai market to potentially stabilize as investors are awaiting the result of U.S.-Iran ceasefire talks.
The brokerage house recommends investors accumulate stocks with the value theme when the SET Index declined such as ADVANC, TRUE, SCB, KTB, GULF, and CPALL, as well as speculate on OR, PTG, BCP, TOP, and PTT, due to rising retail oil prices.
Yesterday, Thailand’s SET Index closed at 1,457.91 points, increased 47.52 points or 3.37%, with a trading value of THB 73.73 billion.
