Brokers projected neutral outlooks on the Thai stock market on Monday due to persistent uncertainty fueled by escalating conflict in the Middle East. Investors monitor ongoing gains in crude oil, which offered support to domestic energy stocks and helped maintain the benchmark index despite broader volatility.
Krungthai XSpring Securities expects the Thai benchmark index to move sideways, as geopolitical concerns continue to push oil prices higher. The resulting lift for oil-related stocks was seen as a stabilizing force for the market.
The analyst also highlighted that upcoming second-quarter earnings results from major banks could introduce further swings in trading.
The securities firm set a resistance level for the SET Index at 1,645-1,650 points, and a support level at 1,615-1,620 points.
Separately, Daol Securities forecasted continued volatility for the Thai stock Index due to both heightened Middle East tensions and global tech selloffs. Nonetheless, The analyst noted that certain Thai stocks could benefit as capital seeks safe haven in the market.
The brokerage firm projected the SET Index to oscillate between 1,620 and 1,650 points throughout the week. The firm noted that technology and electronics stocks could come under pressure tracking losses in U.S. markets, while the energy sector would be buoyed by gains in crude.
