On Wednesday, TISCO Securities expects the Thai market to move sideways due to lack of supporting factors, after investors had largely priced in the prospect of the U.S.-Iran signing a peace MOU on Friday.
Meanwhile, market participants are maintaining their cautious stance while monitoring the Federal Reserve meeting tonight, particularly the upcoming speech by the new Fed chair and Dot Plot.
The securities firm set a resistance level for the SET Index at 1,610 points and a support level at 1,580 – 1,585 points, with the next support level at 1,570 points for today’s session.
Daol Securities stated that the Thai bourse is awaiting two key catalysts including the FOMC meeting tonight, in which investors should monitor the Fed stance under the new chair, and the progress on the U.S.-Iran ceasefire agreement signing on Friday.
For today’s strategy, the analyst firm highlighted stocks that have previously declined from the war impact, seeing potentials for further growth in some power plant stocks such as BGRIM. For the tourism sector, the broker recommends big-cap stocks such as AOT, as well as stocks from other sectors such as BDMS, BH, HMPRO, CPALL, CRC, and SCC.
Furthermore, the brokerage house also viewed the banking sector as the key pillar for the Thai market due to robust profit upside, and high dividend yield.
Yesterday, Thailand’s SET Index closed at 1,588.05 points, decreased 3.67 points or 0.23%, with a trading value of THB 67.47 billion.
