On Friday, FSS International Investment Advisory Securities (FSSIA) expects the Thai market to trade sideways, still under pressured of the tech sector, although, there are potential tailwinds from stocks in the Domestic Play theme—such as the banking and retail sector—helping stabilize the market, mirroring the previous session.
Meanwhile, the U.S. employment figure came out lower than expected, easing the rate hike pressure from the Federal Reserve.
The securities firm set a resistance level for the SET Index at 1,600 points, and a support level at 1,585 – 1,580 points for today’s session.
Daol Securities stated that the SET Index may potentially exhibit upward movement, supported by the rally in the U.S. following a slowdown in employment, which reduces the chance of rate hike from the Fed in the near-term. The Thai bourse was also bolstered by more than THB 8.5 billion of foreign net buying.
Nevertheless, investors are advised to monitor the volatility from profit-taking pressure on stocks that soared in the previous session.
Yesterday, Thailand’s SET Index closed at 1,593.56 points, increased 5.33 points or 0.34%, with a trading value of THB 92.51 billion.
