On Tuesday, Krungthai XSpring expects the Thai market to move sideways. The brokerage firm recommends investors closely monitor the U.S.-Iran war situation, particularly the 45-day ceasefire negotiation, which will reach the deadline tomorrow, as well as the United Nations voting on using forces to reopen the Strait of Hormuz, which will affect oil prices.
The securities firms set a resistance level for the SET Index at 1,470 points and a support level at 1,440 points for today’s session.
Daol Securities disclosed that the SET Index this week, which only has four trading days, may potentially move sideways with volatility and within a range of 1440-1480 points, while also facing pressures from recent supply shock.
The analyst house added that during the holiday, there are attacks on refinery and petrochemical plants in the Middle East, which may negatively affect the equities, bonds, and gold market in the short term.
However, the Thai market was buoyed by the upstream energy sector (PTTEP), which benefited from higher oil prices. As such the broker recommends investors be ready to both buy and sell to tackle the volatility.
Last Friday, Thailand’s SET Index closed at 1,454.00 points, decreased 11.72 points or 0.80%, with a trading value of THB 42.56 billion.
