On Monday, Asia Plus Securities expects the Thai market to slump along with Asian markets’ trend, due to the protracted Middle East war, and Houthis rebels joining the conflict on Iranian side, which raised tensions in the Middle East.
Furthermore, the oil prices have surpassed $100 per barrel, affecting both the economy and inflation.
The securities firms set a resistance level for the SET Index at 1,450-1,460 points and a support level at 1,420-1,430 points for today’s session.
Kingsford Securities set a resistance level for the SET Index at 1,440 points and a support level at 1,410 – 1,420 points for today’s session, forecasting the Thai market to potentially decline, due to concerns over rising oil prices from the risk of a prolonged war in the Middle East if the U.S. invade Kharg island.
The brokerage house recommends investors speculates on traditional energy sector such as PTTEP and BANPU, alternative energy including GUNKUL, TSE, BBGI, UBE, PCE, and VPO, as well as food sector such as CPF, TFG, BTG, and FM.
Last Friday, Thailand’s SET Index closed at 1,447.05 points, increased 4.13 points or 0.29%, with a trading value of THB 63.39 billion.
