On Monday, Maybank Securities (Thailand) expects the Thai market to consolidate due to downward sentiment in the regional tech sector, which faced selloffs despite easing Middle East tension.
The brokerage firm cautions of volatility from the offset and rollover of the series M futures contract.
The securities firm set a resistance level for the SET Index at 1,550 points, and a support level at 1,530 points for today’s session.
Daol Securities stated that the SET Index this week will move sideways to sideways-down from the closed level of 1542.34 in the previous session.
The analyst estimated that the Thai bourse will face headwinds from the outside and big-caps’ unique factors. However, there are also tailwinds from foreign fund inflows toward regional safe haven assets.
The securities house forecasted that the Thai market will move within 1530 – 1560 points this week, recommending investors adopt a defensive stance and selectively buy safe haven stocks with unique upsides.
Last Friday, Thailand’s SET Index closed at 1,542.34 points, decreased 16.21 points or 1.04%, with a trading value of THB 66.47 billion.
