Brokers project positive outlooks for the Thai stock market on Tuesday, supported by positive sentiments from the latest U.S. economic data, a recovery in the technology sector, and a sharp drop in crude oil prices. Investors are watching developments in Middle East negotiations, which have helped ease concerns over regional conflict.
Kasikorn Securities forecasted a potential recovery for the Thai benchmark this morning, attributing the positive outlook to stronger-than-anticipated U.S. ISM figures—the best in four years—and a notable decline in oil prices.
This drop in oil resulted from a calming of tensions in the Middle East, after discussions between the United States and Iran suggested reduced conflict risks. Nevertheless, the analyst advised investors to closely monitor updates regarding the reopening of the Strait of Hormuz.
The securities firm set a support level for the SET Index at 1,615 points, and a resistance level at 1,640.
Meanwhile, Daol Securities anticipated a gradual improvement in the Thai bourse. The brokerage firm pointed to the upturn in U.S. tech stocks as a driver for local electronics stocks, which could benefit from the positive global momentum.
The broker set a resistance level for the SET Index at 1,650 points, cautioning that this threshold may trigger selling pressure as investors lock in gains.
Yesterday, Thailand’s SET Index closed at 1,621.90 points, decreased 1.74 points or 0.11%, with a trading value of THB 74.73 billion.
